Constellation Brands Cuts FY24 Earnings Guidance
30 June 2023 - 10:40PM
Dow Jones News
By Dean Seal
Constellation Brands lowered its annual earnings forecast after
its first-quarter profit fell 65%.
The maker of beer, wine and spirits said it now expects earnings
of $9.35 to $9.65 a share for fiscal 2024, down from its previous
guidance for $11.60 to $11.90 a share.
The guidance assumes beer sales grow 7% to 9% while wine and
spirits sales stay relatively flat.
Adjusted earnings, which strip out one-time items, are still
projected to be $11.70 to $12 a share for the year.
Shares fell 1.1% to $244 in premarket trading Friday.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
June 30, 2023 08:25 ET (12:25 GMT)
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