Constellation Brands Shifts Adjusted Earnings Guidance Higher
06 October 2021 - 11:22PM
Dow Jones News
By Matt Grossman
Constellation Brands Inc. on Wednesday shifted higher its
forecast for adjusted earnings in the 2022 fiscal year ending in
February.
The alcoholic-beverages company said it now expects adjusted
earnings of $10.15 a share to $10.45 a share, guidance that
excludes income from its stake in Canopy Growth Corp., a cannabis
business. Three months ago, Constellation was forecasting adjusted
earnings of $10 a share to $10.40 a share.
Constellation expects beer sales to grow by 9% to 11% year over
year, with operating income from the segment set to rise 4% to 6%.
Wine and spirits sales will decline by 22% to 24% year over year,
with operating income down by 23% to 25%. The segment's sales will
grow by 2% to 4% on an organic basis excluding discontinued lines,
Constellation said.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
October 06, 2021 08:07 ET (12:07 GMT)
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