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- Constellation Brands Inc (NYSE:STZ) reported first-quarter FY22 sales of $2.03 billion, up 3.2% year-on-year, beating the consensus estimate of $2.02 billion.
- Net sales for the Beer segment grew 14% Y/Y to $1.5 billion, and wine and spirits were fell 22% Y/Y to 454.5 million.
- Shipment volume for beer increased 11.3%, while that of wine and spirits declined 38%.
- Gross profit of $1.1 billion grew 13.26% Y/Y. Gross margin of 54.3% expanded 170 basis points.
- Operating margin of 35.7% expanded by 50 basis points.
- EPS of $2.33 up 1.3% Y/Y beat the consensus estimate of $2.32.
- The company generated an operating cash flow of $716 million, a free cash flow of $602.1 million, and ended the quarter with $503.8 million in cash and equivalents.
- Guidance: Constellation sees FY22 reported EPS of $2.70- $3.00 and raised adjusted EPS outlook to $10-$10.30, versus $10.02 consensus.
- Stock Buyback: The company repurchased 2.2 million shares of common stock for $523 million through June of fiscal 2022 and announced an incremental stock buyback of $500 million.
- “Our Beer Business delivered double-digit net sales and profit growth, and our Wine & Spirits Business is poised to drive accelerated growth and profitability from its portfolio of high-end, industry-leading brands,” said Bill Newlands, Chief Executive Officer.
- Price action: STZ shares are trading higher by 2.02% at $235.65 on the last check Wednesday.
- Photo by stokpic from Pixabay
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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