STZ 股价因啤酒需求疲软以及投入成本带来的利润率压缩而走低，其影响盖过了盈利超预期。
逐段跳播
这里似乎存在一种与东西海岸说唱之争类似的冲突。好，我们来谈谈Constellation Brands。乍看之下，无论是营收还是净利润，数据都显得强劲，但啤酒销售似乎存在一些担忧，尽管我们在那里看到了一些增长。
Well, it seems there is a similar conflict to the East-West rap conflicts here. Okay, let's talk about Constellation Brands. Look, at first glance the numbers looked strong, whether we're talking about revenue or net profit, but there seems to be some concern about beer sales, even though we have seen some growth there.
是的，我们根本看不到这家公司会报告出市场希望看到的利润。在财报公布之后，该股继续走低。我们看到净销售额同比增长约6%，达到26.3亿美元。他们超过了华尔街约25.4亿美元的预期，调整后每股收益为3.74美元。市场预期为3.56美元。
Yes, we simply do not see this company reporting the profits that the market would like to see. The stock continues to move downwards here following the earnings announcement. We saw net sales rise by approximately 6% year-over-year, reaching $2.63 billion .
They beat Wall Street's expectations of around $2.54 billion, with adjusted earnings per share of $3.74. Market expectations were for $3.56.
现在，啤酒板块的净销售额增长了5%，主要受FIFA世界杯和NBA总决赛推动。我们看到葡萄酒和烈酒板块在销售方面实现了两位数的一个季度，同比增长17%，但他们对未来一段时期的展望略令人失望。
Now, net sales in the beer sector have increased by 5%, driven mainly by the FIFA World Cup and the NBA Finals. We saw the wine and spirits sector achieve a double-digit quarter in terms of sales, up 17% year-on-year, but their outlook for the coming period was slightly disappointing.
他们重申了2027财年的每股收益指引，也确认了净销售额指引，即介于-1%至+1%之间，但营业利润率实际上已被下调至31%至32%之间。这是他们的区间。这较此前32%至33%的区间有所下降。
They reaffirmed their earnings per share guidance for fiscal year 2027, and also confirmed their net sales guidance, which is between -1% and +1%, but the operating margin has effectively been reduced to between 31% and 32%.
This is their range. This is a decrease from the previous range of 32% to 33% .
所以，他们仍然面临利润率压力，并且在啤酒板块正经历着，可以说，低于预期的需求。这一点早已被预料到。真正有意思的是，这家公司在过去两年里也受到了投入成本上升的冲击，尤其是看铝的话。
这是我今天早上非常期待的话题之一。他们在电话会议上讨论的是试图管理投入价格。遗憾的是，他们似乎还没有触底。
So, they are still facing pressure on margins, and are experiencing, let's say, less-than- expected demand in the beer sector. This has been expected for a long time. What's really interesting is that this company has also been hurt by rising input costs over the past two years , especially if you look at aluminum.
This is one of the stories I was really looking forward to this morning . Their discussion on the call was about trying to manage input prices. Unfortunately , they don't seem to have reached a bottom for that.
因此，啤酒端销售疲软以及利润率压力，正是我们今天早上看到该股走低的原因。
Therefore, weak sales on the beer side and pressure on margins are the reason we are seeing the stock trending downwards this morning.
这个频道对 $STZ 的历次判断
Schwab Network 在这只股票上只有这一条判断。