Constellation Brands(US:STZ)2024-01-08 10:18Financial Performance - Constellation Brands' Q3 FY24 net sales increased by 1% to $2471 million compared to Q3 FY23[151, 173] - Comparable EPS (excluding Canopy EIE) increased by 8% to $324[174] - The company revised its Corporate Expense outlook for FY24 and updated its reported EPS while maintaining its comparable EPS outlook[10] - Enterprise net sales are expected to grow by approximately 6% to 7%[13] Segment Results - Beer net sales increased by 4% to $1969 million[86, 157] - Wine and Spirits net sales decreased by 11% to $502 million[86, 177] - Wine and Spirits organic net sales decreased by 7%[14] Cash Flow and Capital Allocation - Operating cash flow for Q3 FY24 YTD was $23 billion[14] - The company expects operating cash flow to be between $26 billion and $28 billion for FY24[14] - $215 million of share repurchases were executed in Q3 FY24, with approximately $26 billion remaining under the total authorization[10, 28] - Capital expenditure of $330 million was primarily focused on Beer brewing capacity additions[10] Outlook - Beer net sales are projected to increase by 7% to 8%[165] - Wine and Spirits net sales are expected to decline by 9% to 7%[14] - The company anticipates a comparable tax rate (excluding Canopy) of approximately 18% to 19%[184] - Comparable EPS (excluding Canopy EIE) is projected to be between $1200 and $1220[184]