The Buzz
All markets and investing news all the time

XAPPEAL localjoes-17364 Bronze Slip Embellished Bootie XAPPEAL Boot Slip On Size 10 bd85401

Item specifics

Pre-owned: An item that has been used or worn previously. See the seller’s listing for full details and ... Read moreabout the condition
Style: Booties Accents: Metallic
Features: Slip-On US Shoe Size (Women's): US 10

XAPPEAL localjoes-17364 Bronze Slip Embellished Bootie XAPPEAL Boot Slip On Size 10 bd85401 -

Americans love Corona, but is it paying off for investors? April 9, 2014: 11:06 AM ET
XAPPEAL localjoes-17364 Bronze Slip Embellished Bootie XAPPEAL Boot Slip On Size 10 bd85401
XAPPEAL localjoes-17364 Bronze Slip Embellished Bootie XAPPEAL Boot Slip On Size 10 bd85401 -

The beer trade has been a good one for Constellation.

Bottoms up! Constellation is cashing in on America's love affair with Corona.

Shares of Constellation Brands (STZ) opened sharply higher Wednesday after the beer and wine company reported strong quarterly results, although the stock has now fallen back.

The buzz kill came after Constellation executives said on a conference call with analysts that the cost of expanding a brewery in Mexico would be much higher than previously expected.

The company raised its estimate for the cost of upgrading its Nava brewery to a range between $900 million and $1.1 billion, up from the previous estimate of between $500 million to $600 million. So far, Constellation has spent about $140 million on the brewery.

Robert Ryder, Constellation's chief financial officer, tried to put a positive spin on the news.

"Despite the increased cost to build out the brewery, our improved commercial results should keep our cash flow and delivering goals intact," he said.

Constellation said net income surged 92% in the fourth quarter to $157 million, or 79 cents per share. Analysts were expecting the company to report earnings of 76 cents per share, according to FactSet.

Corona is the best-selling imported beer in the United States, according to Constellation CEO Rob Sands.

Sales rose to nearly $1.3 billion, thanks largely to about $600 million from Crown, the division that distributes Modelo brand beers, including Corona, in the United States.

"We had a great year, driven by our beer business," Sands told analysts on a conference call today.

Constellation paid $5.3 billion to take full control of Crown last year as part of a complex deal between Anheuser-Busch InBev (BUD) and Mexico's Grupo Modelo.

The deal was held up in court after the U.S. government sued to block it over anti-competitive concerns. But regulators relented after AB InBev and Modelo gave Constellation "perpetual rights" to distribute the popular Corona beer in the U.S. market and tossed in a major Modelo brewery.

Related: Why six-packs are pricier in some markets

So far, Constellation's bet on Mexican beer is paying off.

Net sales in the beer segment rose 13% in the fourth quarter " due to volume growth driven by strong consumer demand," the company's report states.

The strength in beer helped offset softness in sales of wine and spirits, which grew only 1% in the quarter.

Constellation expects beer sales to continue growing in its current fiscal year and is looking for income to grow "in the low to mid 20 percent range."

That should lead to better-than-expected earnings. Constellation is now targeting earnings of between $3.75 to $3.95 per share for the full year, which would translate to earnings growth of up to 27%.

XAPPEAL localjoes-17364 Bronze Slip Embellished Bootie XAPPEAL Boot Slip On Size 10 bd85401

Now who needs a lime?

Join the Conversation
Follow CNNMoneyInvest
Fear & Greed
Sponsored by
XAPPEAL localjoes-17364 Bronze Slip Embellished Bootie XAPPEAL Boot Slip On Size 10 bd85401 -
About This Author
XAPPEAL localjoes-17364 Bronze Slip Embellished Bootie XAPPEAL Boot Slip On Size 10 bd85401 -
Ben Rooney
Staff writer, CNNMoney

Ben Rooney is a staff writer for CNNMoney. He covers the European debt crisis and other international finance stories, in addition to writing about stocks, bonds, investing and other Wall Street-related news. Follow Ben on Twitter: @ben_rooney

To view my watchlist

Not a member yet?

Sign up now for a free account
Stupid Stock Move of the Day
#StupidStock Move of the Day! Yes, Urban Outfitters may be finally turnings things around. But $URBN up 17%? Seems a bit excessive, no?
Most Popular
You won the $1.5 billion Powerball! Here's your tax bill
Belle By Sigerson Morrison Wrap Around Zip Wedge Ankle Boots 6.5REPORT R2 BOOTS BROWN WOMEN SAMPLE SIZE 6 (S216) , Women's SKECHERS Winchester MYSTERIOUS Genuine Leather Zip Ankle Boots sz 10EASTLAND Women's BLACK Leather Chelsea Casual Round Toe Ankle Boots 9M USWomen's Teva Montecito nubuck leather gunsmoke tall fall/winter boot sz 9.5**EXCELLENT CONDITION***Lamo Suede 3 Tier Fringe Bootswomens frye boots size 8 pre-owned02-3934 Joules Kids Printed Welly Rain Boot SIZE 7 , KEEN Dry Tall Brown Leather Winter Boots Womens 6.5 embossed Snow outdoor hiking02-3940 Naturalizer Cassandra Women's Pull-on Boots Black Leather SZ 9M , Colin Stuart Tan Ankle Boots Size 8.5 B Heels Gold Hardware , FRANCO SARTO Brown boots Rustic Distressed Leather KEEGAN Ankle Booties 8 W Wide , Jessica Simpson Boots Size 6.5 B , 02-3683 Sofft Women's Baywood Leather Closed Toe Ankle Riding Boots 9MRag And Bone Harrow Black And White Heel Ankle Western Buckle Boots Size 8 , BP. Women's 100% Gemuine Leather Pull-On Beige Boots, Size 6.5White Mountain Size 8.5 Black Suede Shoe Bootie , Sporto Women's Tan/Brown Leather Outsole Classic Christina Duck Boots Size 10CEDAR & SPRUCE WOMEN SUEDE LEATHER BOOTS SAMPLE SHOES TAN SIZE 6 (P65) , VTG MISS CAPEZIO Cowboy Western Boots Reddish Brown Women's 6 M USA , J Jill Gray Booties Size 9.5 Leather BootsSONOMA LIFE & COLOR VIOLABROWN WOMEN BOOTS SIZE 8.5Womans Pour La Victoire Red Bissit Bootie 10 M , Spring Step Cardanom Brown Leather Ankle Boots Women’s Sz 8.5/39 Zip , Vintage White Doc Martens, 8 Holes, Boots, Size 5 (8), MintFranco Sarto Kelton Gray Suede Leather Side Zip Ankle Boots US 6.5 M , Poppies Black Granny Boots Leather 9B steampunk , 02-1507 CHINESE LAUNDRY KRISTIN CAVALLARI BRANDIE KID SUEDE BLACK SZ 8.5 , Tommy Hilfiger Women’s Black Leather Knee High Boots Size 8.5 M Free Fast Ship
Powerball winner can stay anonymous, judge rules
Counterfeit goods market is booming and becoming more dangerous
Kodak ditches digital cameras, will focus on photo printing Women's Dingo Olivia Western Boots Cowboy Shoes Size 10M Black Leather Slouch C1Journee Collection Womens Rimi Closed Toe Ankle Fashion Boots, Pink, Size 9.0 bkMarc Fisher 8.5 W Ash Camel Shimmee Suede Peep Toe Ankle Boot , 150$ Sam Edelman Louie Taupe Fringed Suede Ankle Boots - Size 6 �� , Dolce By Mojo Moxy Mule Nice Boots Color Black Size 9 M New In BoxJournee Collection Womens Rimi Closed Toe Ankle Fashion Boots Pink Size 8.5 Hw , Cole Haan Womens Shoes Size 6.5 Black Textured Leather Cowhide BootiesBottines AIGLE Tout Cuir Marron et Toile Beige T 37 TRES BON ETAT , Natural Soul Womens Harvard Closed Toe Ankle Fashion Boots, Dark Taupe, Size 6.0LAUREN by Ralph Lauren Womens DAMARA Leather Closed Polo Tan/Snuff Size 6.0 hwLadies Justin Gypsy Boots-Black Ostrich Round Toe w/Tiger Stripe Shaft, L9806Superga Women's Black Leather Yaleapuw Fashion Sneaker Sz 10 3331 , Maison Martin Margiela H&M US7,8,9 Flat Plexi Heel Silver,Shoes,Wedges 38,39 MMM , Patricia Nash Women's Domenica Driving Style Loafer Black Size 38 B US , Luca Grossi 6060a White Gold Silver / Leather Wedge Pumps Shoes 36 / US 6Cecelia New York Women's Liv in Black , Adidas Neo Women's Cloudfoam Lite Racer Slip On Shoes- NEW WITHOUT BOX , New Balance Women's W880PG3 Running Shoe Green and Pink Sz 8b , Men Women Sneaker Breathable Running Shoes Lovers Outdoor Casual Shoe , FitFlop Womens Superballerina with Sequins Ballet Flat , Nu by Neo Vidoretta Punta Espadrille - Silver , Prada Black Women’s Leather Loafers Shoes Made in Italy 35.5 US 5 , Jimmy Choo 38.5 8 M Leopard Calf Hair Black Patent Leather Toe Caps Ballet Flats , Tory Burch Navy Blue Leather Strappy Gladiator Sandals Flats Shoes Sz 10.5 $265 , Stuart Weitzman 7 N Dark Brown Suede Leather Loafer Wedge Rope Jewel Spain , PUMA Women's Ignite Evoknit Lo 2 Wn Sneaker - Choose SZ/ColorNike Flex Trainer 5 Size 9 Womens Running Training Shoes in Grey [724858 003]Reebok Easy Tone Smooth Fit Size 9 Walking Running Breast Cancer Awareness , U.S. Polo Assn. Women's Malory-K Oxford Flat - Choose SZ/Color , A2 by Aerosoles Women's Midday Slide Black Faux Leather Comfort Shoes
University of Phoenix is the latest college under investigation
Latest Buzz Videos
See all videos
XAPPEAL localjoes-17364 Bronze Slip Embellished Bootie XAPPEAL Boot Slip On Size 10 bd85401 Boots
Powered by VIP.