Constellation Brands Expects FY22 EPS to Fall
April 08 2021 - 8:41AM
Dow Jones News
By Allison Prang
Constellation Brands Inc. Thursday said it expects beer sales to
rise this fiscal year, wine and spirits sales to fall and earnings
to decline.
The company said it expects beer sales to grow 7% to 9%, wine
and spirits sales to fall 22% to 24% and wine and spirits organic
sales to grow 2% to 4%.
The company said it is expecting earnings for the fiscal year of
$6.90 to $7.20 a share, down from $10.23 a share for fiscal 2021.
On a comparable basis not including Canopy, Constellation expects
earnings of $9.95 to $10.25 a share.
Constellation said it plans to spend $1 billion to $1.1 billion
on capital expenditures, mostly to grow its Mexico beer
operations.
The company forecast $2.4 billion to $2.6 billion in operating
cash flow and $1.4 billion to $1.5 billion of free cash flow.
The company said it expects $350 million to $360 million in
interest expense and a tax rate of about 22%. It is expecting its
comparable tax rate--excluding some items--to be about 19%, it
said.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
April 08, 2021 08:26 ET (12:26 GMT)
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