Constellation Brands collapsed early Thursday, on the heels of spirits makers’ fourth-quarter tax results, which included pessimistic forecasts for the year.
Constellation (ticker: STZ) earned $ 382.9 million, or $ 1.95 per share, up from $ 2.04 per share a year ago. Adjusted earnings, which excludes non-recurring items like depreciation and deferred tax provisions, were $ 1.82 per share. Revenue climbed 2.6% to $ 1.95 billion. Analysts were looking for EPS of $ 1.55 on revenue of $ 1.85 billion.
For the full year ahead, Constellation expects EPS of $ 6.90 to $ 7.20 per share. On a comparable basis, not including his stake in the marijuana company
Canopy Growth Corp
(CGC), Constellation expects earnings of $ 9.95 to $ 10.25 per share. Analysts were looking for EPS of $ 10.43.
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The company forecasts beer sales growth of 7% to 9% and wine and spirits sales of 22% to 24%. (The company sold its wine and spirits portfolio at low prices in early 2021.) Organic wine and spirits sales are expected to grow 2% to 4%.
Quarterly results looked better than expected, although investors may be focusing on smaller details this morning as well as disappointing forecasts.
While beer sales have been strong, the company expects margin headwinds for the business in the coming year, and beer depletion, which tracks the rate at which beer leaves the distributor for retailers, fell sequentially in the fourth quarter. Additionally, Constellation said it is planning $ 1.1 billion to $ 1.1 billion in capital spending, focused on its beer business in Mexico.
Constellation stock is down 4.8% to $ 223.65 in Thursday morning trading, but is still up 33.9% in the past 12 months.
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