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- Achieves reported basis EPS of $2.00 and comparable basis EPS of $2.34, an increase of 29% and 52%, respectively
- Generates $382 million of operating cash flow and $165 million of free cash flow
- Updates fiscal 2018 reported basis EPS outlook to $7.55 - $7.75
- Increases fiscal 2018 comparable basis EPS outlook to $7.90 - $8.10 driven primarily by strong beer business results
- Affirms fiscal 2018 operating cash flow target of approximately $2.0 billion and free cash flow projection of $725 - $825 million
- Declares quarterly cash dividend
- Acquires Schrader Cellars fine wine portfolio |
VICTOR, N.Y., June 29, 2017 - (ACN Newswire) - Constellation Brands, Inc. (NYSE: STZ and STZ.B), a leading beverage alcohol company, reported today its first quarter fiscal 2018 results.
First Quarter Fiscal 2018 Financial Highlights*
(in millions, except per share data)
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Reported % Change Comparable % Change
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Net sales $1,936 3% $1,936 3%
Operating income $568 3% $669 22%
Operating margin 29.4% -10 bps 34.6% +530 bps
Earnings before interest and taxes (EBIT)
NA NA $669 22%
Net income attributable to CBI
$403 27% $471 48%
Diluted net income per share attributable to CBI (EPS)
$2.00 29% $2.34 52%
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*Definitions of reported and comparable, as well as reconciliations of non-GAAP
financial measures, are contained elsewhere in this news release.
NA=Not Applicable
"We're off to a great start for our new fiscal year as we continue to deliver excellent results that demonstrate our commitment to sustain profitable growth and build shareholder value," said Rob Sands, president and chief executive officer, Constellation Brands. "Across the business, we're driving consumer demand for our exceptional portfolio of premium products while executing strong financial and operational performance."
Full press release: http://bit.ly/2tnUhLb
First Quarter Fiscal 2018 Financial Tables: http://hugin.info/143788/R/2116419/805407.pdf
About Constellation Brands
Constellation Brands (NYSE: STZ and STZ.B), a Fortune 500(R) company, is a leading international producer and marketer of beer, wine and spirits with operations in the U.S., Mexico, New Zealand, Italy and Canada. Constellation is the No. 3 beer company in the U.S. with high-end, iconic imported brands such as Corona Extra, Corona Light, Modelo Especial, Modelo Negra and Pacifico. The company's beer portfolio also includes Ballast Point, one of the most awarded craft brewers in the U.S. In addition, Constellation is the world leader in premium wine, selling great brands that people love, including Robert Mondavi, Clos du Bois, Kim Crawford, Meiomi, Mark West, Franciscan Estate, Ruffino and The Prisoner. The company's premium spirits brands include SVEDKA Vodka, Casa Noble Tequila and High West Whiskey.
Based in Victor, N.Y., the company believes that industry leadership involves a commitment to brand building, our trade partners, the environment, our investors and to consumers around the world who choose our products when celebrating big moments or enjoying quiet ones. Founded in 1945, Constellation has grown to become a significant player in the beverage alcohol industry with more than 100 brands in its portfolio, about 40 facilities and approximately 9,000 talented employees. We express our company vision: to elevate life with every glass raised. To learn more, visit www.cbrands.com.
CONTACTS
Media
Mike McGrew: +1-773-251-4934
Amy Martin: +1-585-678-7141
Investor Relations
Patty Yahn-Urlaub: +1-585-678-7483
Bob Czudak: +1-585-678-7170
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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Constellation Brands Inc via Globenewswire
Topic: Earnings
Source: Constellation Brands
https://www.acnnewswire.com
From the Asia Corporate News Network
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