Beer, wine and spirits maker Constellation Brands (STZ:NYSE) posts its second quarter earnings on 5 October, covering the three months to 31 August 2023.

It has been a landmark year for the company, whose portfolio of brands includes Corona beer, Casa Noble tequila and Meiomi wine, as its Modelo Especial Mexican lager overtook Bud Light to become the top selling US beer brand. This followed a backlash over the latter’s social media campaign with transgender influencer Dylan Mulvaney.

First quarter earnings saw better than expected margins, though beer depletions – a metric measuring the number of cases sold to distributors – were slightly short of consensus forecasts.

Investors will be watching this measure closely to see if there are further signs of slowing demand after a run of price hikes from Constellation and as cost-of-living pressures continue to bite. Progress on a premiumisation strategy will be in focus as the company looks to build up its pricing power by targeting the higher end of the market.

The trajectory of costs will also be closely monitored amid hopes that inflationary pressures may be starting to ease and an update on the company’s $4 billion investment in troubled Canadian cannabis producer Canopy Growth (CGC:NASDAQ) may also be anticipated after positive noises on the legal status of the industry.

US UPDATES OVER THE NEXT 7 DAYS

QUARTERLY RESULTS

29 September: Carnival

3 October: McCormick & Co

4 October: Lamb Weston

5 October: ConAgra, Constellation Brands

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