Constellation Brands Maintains FY22 Comparable EPS Outlook; Q1 Results Top Estimates

(RTTNews) - While reporting financial results for the first quarter of fiscal 2023 on Thursday, beverage alcohol company Constellation Brands, Inc. (STZ) maintained its comparable earnings guidance for the full-year 2023.

For fiscal 2023, the company now projects earnings in a range of $10.50 to $10.80 per share and comparable earnings in a range of $11.20 to $11.50 per share.

Previously, the company expected earnings in the range of $11.15 to $11.45 per share and comparable earnings in the range of $11.20 to $11.50 per share.

On average, 21 analysts polled by Thomson Reuters expect the company to report earnings of $11.06 per share for the year. Analysts' estimates typically exclude special items.

On Wednesday, 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 August 24, 2022 to stockholders of record as of close of business on August 10, 2022.

For the first quarter, net income attributable to the company was $389.5 million or $2.06 per share, compared to a net loss of $908.1 million or $4.74 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $2.66 per share, compared to $2.33 per share in the year-ago quarter.

Net sales for the quarter increased to $2.36 billion from $2.03 billion in the same quarter last year.

The Street was looking for earnings of $2.52 per share on net sales of $2.16 billion for the quarter.