Constellation Brands
Q3 2022 Earnings Call
Jan 06, 2022, 10:30 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Welcome to the Constellation Brands Q3 FY '22 earnings conference call. [Operator instructions] I will now turn the call over to Patty Yahn-Urlaub, senior vice president of investor relations. Please go ahead.
Patty Yahn-Urlaub -- Senior Vice President of Investor Relations
Thanks, Valerie. Good morning, and welcome to Constellation's third quarter fiscal '22 conference call. I'm here this morning with Bill Newlands, our CEO; and Garth Hankinson, our CFO. As a reminder, reconciliations between the most directly comparable GAAP measures and any non-GAAP financial measures discussed on this call are included in our news release or otherwise available on the company's website at capex.cbrands.com.
Please refer to the news release and Constellation's SEC filings for risk factors, which may impact forward-looking statements we make on the call. [Operator instructions] And now here's Bill.
Bill Newlands -- Chief Executive Officer
Thank you, Patty, and Happy New Year to everyone on the call. I sincerely hope you were able to enjoy a safe and happy holiday season with family and friends. Calendar year 2021 was another challenging year given the continued effects of the pandemic, a host of global supply chain issues impacting nearly every industry, inflationary pressures, and severe weather events. That said, I'm incredibly proud of the determination shown by our team at Constellation throughout the year.
They worked relentlessly, navigating a myriad of evolving dynamics to deliver a very solid performance year to date and in Q3, putting us on pace for another strong year of financial performance and shareholder value creation in fiscal '22. That said, I'd like to highlight a few key takeaways from the quarter. First, our beer business delivered a very strong performance in Q3, while lapping tough comps in fiscal '21. We continue to see robust consumer demand, yielding high single-digit depletion growth.
We extended our leadership position as the top share gainer in the high end of the US beer market behind the strength of our Modelo and Corona brand families, while improving our inventory position. Our strong performance to date gives us confidence to increase top and bottom-line guidance for our beer business in fiscal '22. Second, we continue to see significant runway for growth for our core imported beer portfolio in the years ahead, and we're investing in the next increment of capacity additions required to sustain our momentum as this represents one of the most compelling value-creating opportunities for our company and our shareholders. Third, our wine and spirits business has made solid progress in transforming both its brand portfolio and financial profile.