Benzinga -
- Constellation Brands Inc (NYSE: NYSE:STZ) reported third-quarter FY23 sales growth of 5% year-on-year to $2.44 billion, beating the consensus of $2.40 billion.
- Net sales for the Beer segment grew 8% Y/Y to $1.89 billion, and Wine and Spirits fell 4% Y/Y to $544.6 million.
- Shipment volume for Beer increased 2.7%, while Wine and Spirits plunged 14.8%.
- Gross profit of $1.22 billion remained flat Y/Y, while gross margin of 50.4% contracted by 240 basis points.
- Comparable EPS of $2.83 missed the consensus of $2.89. Comparable EPS, excluding Canopy equity losses, was $3.01.
- The company generated an operating cash flow of $2.3 billion for nine months, and ended the quarter with $185 million in cash and equivalents.
- Constellation's board declared a quarterly cash dividend of $0.80 per share of Class A Common Stock, payable on Feb. 22, 2023, to stockholders of record on Feb. 8, 2023.
- Guidance: Constellation sees FY23 comparable basis EPS, excluding Canopy, of $11.00 - $11.20 (prior view $11.20 - $11.60), above the consensus of $10.94.
- Price Action: STZ shares are trading lower by 4.63% at $220.46 on the last check Thursday.