Modelo maker Constellation Brands withdrew its previously issued fiscal 2028 outlook on Wednesday and reported slightly weaker demand as consumers navigate a rapidly evolving macroenvironment.

The company said it was encouraged by the momentum in the fourth quarter across its beer and wine and spirits businesses, but the larger environment indicates lingering uncertainty. Constellation Brands also previously appointed Nicholas Fink as its new CEO, effective April 13.

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

Shares of Constellation Brands were down slightly in extended trading.

Still, the company beat Wall Street expectations for its fourth quarter and full fiscal-year results.

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

• Earnings per share: $1.90 per share adjusted vs. $1.72 per share expected
• Revenue: $1.92 billion vs. $1.88 billion expected

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

The company said 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 company said it expects adjusted EPS of between $11.20 and $11.90 compared with estimates of $12.36 per share. Constellation Brands said 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 said in a statement.