Constellation Brands, U.S. maker of Modelo and Corona, withdrew its previously issued fiscal 2028 outlook on Wednesday and reported “subdued” demand across its categories.

The organization still beat Wall Street estimates for its fourth fiscal quarter.

Constellation Brands is expecting its latest CEO, Nicholas Fink, to assume the role next week.

Constellation Brands, U.S. maker of Modelo and Corona, withdrew its previously issued fiscal 2028In the fourth quarter across its beer and wine and spirits businesses, outlook on Wednesday and reported slightly weaker demand as consumers navigate a rapidly evolving macroenvironment.

The organization stated it was encouraged by the momentum, but the larger environment indicates lingering uncertainty. Constellation Brands also previously appointed Nicholas Fink as its updated CEO, effective April 13.

“We expect the operating environment to remain dynamic given the evolving socioeconomic backdrop and limited near-term visibility,” the business noted in a statement.

Still, the enterprise beat Wall Street expectations for its fourth quarter and full fiscal-year results. This also touches on aspects of earnings report.

Here’s how the organization performed in the fourth quarter, compared with what Wall Street was expecting based on a survey of analysts by LSEG:

Revenue: $1.92 billion vs. $1.88 billion expected

For the fourth quarter, the enterprise reported net income of $224.7 million, up from a depletion of $370.6 million a year prior.

The enterprise stated its beer business continues to be one of its biggest sources of growth, though its overall net sales for fiscal 2026 decreased by 3%.

For fiscal 2027, the organization remarked it expects adjusted EPS of between $11.20 and $11.90 compared with estimates of $12.36 per share. Constellation Brands mentioned that spending behavior across alcohol categories became more “deliberate” because of broader economic uncertainty, with overall demand across its categories remaining “subdued” for most of the year.

“Despite the dynamic operating environment in fiscal 2026, we remained focused on the factors within our control and executed with discipline,” CEO Bill Newlands stated in a statement.