Constellation Brands reported its fiscal-year 2018 earnings on Thursday, which were highlighted by a 3 percent increase in total net sales, to more than $7.6 billion. Net sales of Constellation Brands’ beer brands — including Mexican import labels Corona, Modelo and Pacifico as well as craft breweries Ballast Point and Funky Buddha — increased 10.1 percent, to about $4.7 billion.
Beer continues to be the big growth driver for Constellation Brands. On Thursday, the wine, spirits and beer maker reported its annual earnings, which were boosted by $4.2 billion in net beer revenues for the fiscal year ending February 28, a 17 percent increase over the prior year.
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The board of directors for Constellation Brands — the high-end maker of Ballast Point and import brands Modelo and Corona — has approved a share buyback program of up to $1 billion of the company’s common stock.
Despite pre-election polls showing no clear path to a Donald Trump presidency, the Republican nominee defeated Hillary Clinton and will become the 45th president of the United States.
Recreational marijuana legalization is on the ballot today in Arizona, California, Maine, Massachusetts and Nevada.
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