Modelo owner Constellation is getting creative to bring back beer drinkers as overall demand weakens

Constellation Brands beat quarterly earnings and revenue expectations as its beer brands gained market share, but continued consumer caution tempered results. As it navigates high food and fuel prices and choosy shoppers, Constellation is turning to special occasions and diversification to help drive sales. The maker of Modelo Especial, Corona and Pacifico on Wednesday reported fiscal second-quarter adjusted earnings of $3.74 per share on $2.63 billion in revenue, ahead of Wall Street estimates of $3.56 and $2.54 billion, respectively. Beer revenue rose 5% to roughly $2.47 billion, while beer shipments increased 5.5%.