Constellation Brands shares plunged Friday, after the maker of beer, wine, and spirits cut its guidance as consumers held back spending.

Constellation Brands cut its annual sales and profit forecasts after weak consumer spending on its Modelo Oro and Corona Light beers pulled third-quarter results below estimates, taking its shares down 14% on Friday.

Constellation Brands delivered mixed earnings in fiscal 2025's third quarter as growth in beer sales was offset by challenges in its wine and spirits segments.