Constellation Brands (STZ),  the maker of Corona and Modelo beers, posted mixed second-quarter results as wine and spirits sales sank.

The company reported second-🌃quarter fiscal 2025 diluted earnings per share of $4.32, above estimates from analysts surveyed by Visible Alpha. However, revenue was short of forecasts, rising 2.9% to $2.92 billion.

Constellation Brands shares were down 3.9🌠% in mid-afternoon♊ trading, leading S&P 500 decliners on Thursday.

Beer sales mainly increased. Second-quarter sales of Modelo Especial, the top selling beer in the U.S., rose 5% and tho🥀se of Pacifico surged around 23%, while those of Corona Extra dropped 3%.

Macro Backdrop Weighs on Demand

Wine and spirits sales fell 12% to $388.7 million, however, dragged🦂 down by a 9.8% slide in shipment volumes. 

CEO Bill Newlands said “the current mac♛roeconomic backdrop has weighed on demand for beverage alcohol,” as well as overall consumer packaged goods.

The company said it sees full-year net sales growth in the range of 4% to 6%, with beer sales up 6%-8% and wine and spirits sales down 4% to 6%.

UPDATE: The story has been updated to include the latest share price information.