BUZZ-Corona beer maker Constellation Brands falls after cutting annual forecasts

Beer maker Constellation Brands' STZ.N shares fall ~2% to $215 premarket

Company cuts annual profit and sales forecasts on muted demand for alcoholic beverages

" ... continue to face subdued spend and value seeking behaviors that emerged among legal drinking age consumers in Q2," says CEO Bill Newlands

Company cuts annual adjusted EPS target to between $13.40 and $13.80 vs prior forecast of $13.60 to $13.80

Cuts annual net sales growth target to 2% to 5% from 4% to 6% growth expected earlier

Q3 net sales of $2.46 bln miss estimates of $2.53 bln - LSEG

In 2024, stock fell 8.6%

(Reporting by Juveria Tabassum in Bengaluru)

((Juveria.Tabassum@thomsonreuters.com;))