Constellation Brands (NYSE: STZ) is set to open its trading session today about 3% beyond its previous close, and on track to post a 52-week high, ahead of its Thursday earnings announcements.
After a 52-week low of $104.28 per share, the maker of Corona Hard Seltzer is seeing the benefits of expanding beyond Corona, Modelo, and Pacifico lagers. Diversification into hard seltzers and spirits has meant new sources of revenue and brands that resonate with quarantined consumers.
Most investors are expecting about a 10% increase in $2 billion in revenue posted last year.
With profit margins pressured by its wine investments, the company is now poised to take advantage of gradual reopening and a full year of sales of its hard seltzer, launched in the spring of 2020.
Promotions like its recently announced giveaway help position the brand a more healthy alternative to beer.
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