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.

Key Takeaways Constellation Brands shares plunged Friday, after the maker of beer, wine, and spirits cut its outlook as consumers held back spending.CEO Bill Newlands said it was uncertain when consumers will revert to more normal spending.

Constellation Brands Inc (NYSE:STZ) shares are trading lower after the company reported nearly flat third-quarter sales of $2.46 billion, missing the analyst consensus estimate of $2.53 billion. Net sales for the Beer segment increased 3% Y/Y to $2.

Corona and Modelo owner Constellation Brands cut its annual sales forecast on Friday as persistently sticky inflation dents consumer spending on beers, wines and spirits.