STZ reports stronger-than-expected earnings and revenue for Q1, driven by improved cash flow despite a year-over-year sales decline.
Constellation Brands reported first-quarter non-GAAP earnings per share of $3.43, exceeding estimates by $0.23. Revenue reached $2.43 billion, $40 million above forecasts, though down 3.6% year-over-year.
The company generated $662 million in operating cash flow and $485 million in free cash flow, up 4% and 9% respectively. Analysts had anticipated softer results amid broader sector challenges.
Shares showed muted reaction in after-hours trading as investors digested the mixed performance metrics.