- Constellation Brands Inc (NYSE: NYSE:STZ) reported second-quarter FY23 net sales growth of 12% year-on-year to $2.65 billion, beating the consensus of $2.51 billion.
- Net sales for the Beer segment grew 15% Y/Y to $2.13 billion, and Wine and Spirits rose 1% Y/Y to $515.8 million.
- Shipment volume for Beer increased 12.1%, while Wine and Spirits remained flat.
- Gross profit of $1.33 billion rose 7.8% Y/Y, while gross margin of 50% contracted by 180 basis points.
- Comparable EPS of $3.17 beat the consensus of $2.81. Comparable EPS, excluding Canopy equity losses, was $3.33.
- The company generated an operating cash flow of $1.7 billion for six months, a free cash flow of $1.2 billion, and ended the quarter with $165.1 million in cash and equivalents.
- Constellation's board declared a quarterly cash dividend of $0.80 per share of Class A Common Stock and $0.72 per share of Class B Common Stock, payable on November 18, 2022, to stockholders of record on November 4, 2022.
- Guidance: Constellation sees FY23 comparable basis EPS of $11.20 - $11.60 (prior view $11.20 - $11.50), above the consensus of $11.05.
- Price Action: STZ shares are trading lower by 2.50% at $230.06 on the last check Thursday.
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Constellation Brands Q2 Earnings Top Estimates
Published 06/10/2022, 15:29
Updated 06/10/2022, 16:10
Constellation Brands Q2 Earnings Top Estimates
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