USA: Constellation Brands Q4 profit beats estimates, beer business sees 11% increase in yoy net sales in FY2023
Constellation Brands, Inc. reported on April 6 that its fourth quarter net income to CBI declined to $223.0 million from $395.4 million, prior year. Earnings per class A common stock was $1.21 compared to $2.07.
Comparable EPS was $1.98 compared to $2.37, prior year. Comparable EPS, excluding Canopy EIE, was $2.15 compared to $2.55.
On average, 14 analysts polled by Thomson Reuters expected the company to report profit per share of $1.82, for the quarter. Analysts' estimates typically exclude special items.
Consolidated net sales were $2.00 billion, down 5% from prior year. Analysts on average had estimated $2.02 billion in revenue. Consolidated organic net sales declined 4% from last year.
Constellation Brands’ beer business topped $7.456 billion in net sales, an +11% year-over-year increase (YoY), during its 2023 fiscal year, which ended on February 28.
During FY2023, the company – which sells popular Mexican imports Modelo, Corona and Pacifico in the U.S. – grew both depletions and shipments, +7.5% and +6.9%, respectively. The company shipped 389.2 million case equivalents (24-pack, 12 oz. cases) during the year, recording its 13th consecutive year of volume growth.
For fiscal 2024, the company expects comparable EPS, excluding Canopy EIE, in a range of $11.70 - $12.00. Reported earnings per share is estimated in a range of $11.60 - $11.90.
On April 5, Constellation's board declared a quarterly dividend of $0.89 per share of Class A common stock, payable on May 18, 2023, to stockholders of record as of the close of business on May 4, 2023.
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