Constellation Brands (STZ) raised the lower end of its outlook for fiscal 2025 adjusted earnings Tuesday, ahead of its second-quarter results due early next month.

The beverage producer now expects 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of between $13.60 and $13.80, up from its prior range of $13.50 to $13.80 a share. The news helped the Modelo parent's stock, which finished the day up some 2.5% as broader 澳洲幸运5官方开奖结果体彩网:markets swooned.

Constellation also expects to recognize a non-cash 澳洲幸运5官方开奖结果体彩网:goodwill impairment loss of $1.5 billion to $2.5 billion within its wine and spirits division for its fiscal second quarter, which ended on Aug. 31. The company said it will report earnings before the market opens on Oct. 3.

Wine, Spirits Unit Impairment Blamed on R♛ising Unemployment

Co🐬nstellation attributed the impairmeꦡnt to rising unemployment and a slowdown in consumer demand that affected its U.S. wholesale wine and spirits market, which posted declines in both the overall wine market and mainstream and premium wine brands.

Its non-adjusted EPS outlook was cut to between $3.05 and $7.92 from the $14.63 to $14.93 澳洲幸运5官方开奖结果体彩网:forecast made in July, due to the impairment. 

The stock is about 2% higher year-to-date, f𝄹alling from a 2024 closiꦯng high above $272 posted in late March.

Molson Coors Sells Craft Breweries; Stock Rises

Shares of Molson Coors Beverage (TAP) meanwhile rose more than 5% as investors sold tech shares and bought into 澳洲幸运5官方开奖结果体彩网:staples stocks. The drinks giant also completed a deal to sell several craft breweries to Tilray Brands (TLRY), a Canadian firm with a focus on ꦍcannabis and a growing beverage portfolio.

Tilray on Tuesday announced the completion of a deal to acquire Hop Valley Brewing Company in Oregon, Terrapin Beer Co. in Georgia, and Revolver Brewing in Texas. The deal makes Tilray the fifth-largest craft brewer in the U.S.

Molson was the best-performing stock on the S&P 500 Tuesday. Tilray's shares were off nearly 2%.