Constellation Brands on Tuesday reported quarterly earnings and revenue that missed analysts’ estimates as beer demand slid and tariffs on aluminum weighed on its profitability.Still, the brewer reiterated its forecast for fiscal 2026,

Constellation’s leading brands include Modelo, Corona and Pacifico beer, all of which are brewed in and imported from Mexico. While alcohol imports remain exempt from tariffs, beer packaged in aluminum is subject to the added tax. President Donald Trump initially imposed a 25% tariff on steel and aluminum, then doubled that to 50% last month.

Constellation Brands Inc. expects aluminum tariffs to cost the company roughly $20 million over the remainder of its fiscal year, which runs through February. Most Read from BloombergStruggling Downtowns Are Looking to Lure New CrowdsNYC Commutes Resume After Midtown Bus Terminal Crash ChaosCalifornia Exempts Building Projects From Environmental LawWhat Gothenburg Got Out of Congestion PricingPresident Donald Trump’s current 50% duty on imported aluminum,