Constellation Brands, Inc. (NYSE:STZ) reported its Q1 results, with EPS coming in at $2.66, better than the Street estimate of $2.53. Revenue was $2.54 billion, beating the Street estimate of $2.16 billion.

The prospects of funding approximately $1.5 billion for the Class B share elimination was viewed negatively by the investors, alongside higher investment spending and reasonable questions on demand momentum from here as recessionary pressures build and consumer spending becomes increasingly constrained.

The company expects full 2023 EPS to be in the range of $11.20-$11.50, better than the Street estimate of $11.06.