Constellation Brands Authorizes $2 Billion in Share Buybacks, Targets 7% to 9% Growth in Beer
03 November 2023 - 4:50AM
Dow Jones News
By Ben Glickman
Constellation Brands authorized up to $2 billion in additional
share buybacks and outlined its medium-term growth targets.
The Victor, N.Y.-based beer and wine seller said Thursday ahead
of its investor day that it was aiming for medium-term growth in
its beer business of 7% to 9%. The company has forecast 8% to 9%
growth in beer sales in fiscal 2024.
Constellation is also forecasting medium-term wine and spirits
sales growth of 1% to 3%. The company previously said it was
forecasting a 0.5% drop to a 0.5% rise in organic sales in fiscal
2024.
The company is targeting double-digit earnings per share growth
in the medium term, excluding Canopy, which the company owns a
stake in.
Constellation said that other than its share-repurchase program,
it is focused on allocation capital to strengthening its balance
sheet, returning to cash to shareholders, investing in organic
growth and executing tuck-in acquisitions.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
November 02, 2023 13:35 ET (17:35 GMT)
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