Stock

Constellation Brands Q4 report: ‘business continues to gain momentum’

Shares of Constellation Brands Inc (NYSE: STZ) are up nearly 5.0% on Thursday after the alcoholic beverage company reported better-than-expected results for its fiscal fourth quarter.

Notable figures in Constellation Brands Q4 report

Net income printed at $395.4 million versus the year-ago figure of $382.9 million.
Per-share earnings stood at $1.91, an increase from last year’s $1.80.
Adjusted EPS came in at $2.37, as per the earnings press release.
Q4 Net sales were up 8.0% on a year-over-year basis to $2.10 billion.
FactSet consensus was for $2.09 of adjusted EPS on $2.02 billion in sales.
Fair value of its stake in Canopy Growth Corp went down by $110 million.

Future outlook and CEO’s remarks

For fiscal 2023, Constellation Brands forecasts adjusted per-share earnings to fall in the range of $11.20 to $11.45. In comparison, analysts had called for a higher $11.50 a share. The U.S. firm expects up to 9.0% growth in beer net sales this year.

Constellation Brands announced an accelerated share buyback programme worth $500 million. The Fortune 500 company will receive roughly 1.70 million shares on Friday – April 8th. In the earnings press release, CEO Bill Newlands said:

“Our business continues to gain momentum. Despite headwinds, we extended our leadership position in the high-end of the U.S. beer market, our high-end wine and spirits brands continue to outpace the industry.”

The post Constellation Brands Q4 report: ‘business continues to gain momentum’ appeared first on Invezz.

Disclaimer: MonopolyWinnersUpdates.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 MonopolyWinnersUpdates.com. All Rights Reserved.

To Top