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Constellation Brands, Inc. (NYSE: STZ) reported a fourth-quarter FY23 sales decline of 5% year-on-year to $1.997 billion, missing the consensus of $2.02 billion.
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Net sales for the Beer segment fell 2% Y/Y to $1.54 billion, and Wine and Spirits declined 14% Y/Y to $462.2 million.
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Shipment volume for Beer decreased 5.4%, while Wine and Spirits plunged 22.1%.
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Gross profit of $961.2 million decreased 15% Y/Y.
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Comparable EPS of $1.98 beat the consensus of $1.82. Comparable EPS, excluding Canopy equity losses, was $2.15.
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The company generated an operating cash flow of $2.76 billion for the fiscal year and ended the quarter with $133.5 million in cash and equivalents.
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Constellation’s board declared a quarterly cash dividend of $0.89 per share of Class A Common Stock, an 11% increase, payable on May 18, 2023, to stockholders of record on May 4, 2023.
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Guidance: Constellation sees FY24 comparable basis EPS, excluding Canopy, of $11.70 – $12.00, above the consensus of $11.68.
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It expects FY24 operating cash flow of $2.4 billion – $2.6 billion and free cash flow of $1.2 billion – $1.3 billion.
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Price Action: STZ shares are trading higher by 1.73% at $225.26 on the last check Thursday.
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This article Constellation Brands Q4 Highlights: 5% Sales Decline, Bottomline Beat, Dividend Hike & More originally appeared on Benzinga.com
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