Constellation Brands Reports Fiscal 2017 Results and Fiscal 2018 Outlook

Apr 07, 2017 10:00 JST

Source: Constellation Brands

VICTOR, N.Y., Apr 07, 2017 - (ACN Newswire) - Constellation Brands, Inc. (NYSE: STZ and STZ.B), a leading beverage alcohol company, reported today its fiscal 2017 results.

"Fiscal 2017 has been a year marked by operational excellence and record financial performance," said Rob Sands, president and chief executive officer, Constellation Brands. "We look forward to building on these results to achieve comparable EPS growth that exceeds our target of at least 10% for fiscal 2018, as we continue to build shareholder value," said Sands.

Fiscal 2017 Financial Highlights*	 	 	 	 	 	 	 
(in millions, except per share data)
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                          Reported   % Change   Comparable   % Change
----------------------------------------------------------------------
Net sales                   $7,332        12%       $7,332        12%
Operating income            $2,399        36%       $2,195        18%
Operating margin             32.7%   +570 bps        29.9%   +140 bps
Earnings before interest and taxes (EBIT)
                                NA         NA       $2,224        18%
Net income attributable to CBI
                            $1,535        46%       $1,381        25%
Diluted net income per share attributable to CBI (EPS)
                             $7.52        45%        $6.76        24%
----------------------------------------------------------------------
*Definitions of reported and comparable, as well as reconciliations of 
non-GAAP financial measures, are contained elsewhere in this news release.
NA=Not Applicable

- Achieves fiscal 2017 reported basis EPS of $7.52 and record comparable basis EPS of $6.76
- Generates record $1.7 billion of operating cash flow and $789 million of free cash flow for fiscal 2017
- Provides fiscal 2018 outlook; expects reported basis EPS of $7.65 - $7.95 and comparable basis EPS of $7.70 - $8.00
- Projects operating cash flow target of approximately $2.0 billion, total capital expenditure estimate of $1.175 - $1.275 billion and free cash flow of $725 - $825 million for fiscal 2018
- Completes expansion to 25 million hectoliters ahead of schedule at Nava Brewery
- Declares quarterly dividend of $0.52 per share Class A and $0.47 per share Class B common stock, an increase of approximately 30%
- Repurchases approximately 7.4 million shares of common stock for $1.1 billion during fiscal 2017 at an average price of $151.57 per share

Full Document download: http://bit.ly/2oKA1RN

Conference Call

A conference call to discuss fourth quarter and full year fiscal 2017 results and outlook will be hosted by President and Chief Executive Officer Rob Sands and Executive Vice President and Chief Financial Officer David Klein on Thursday, April 6, 2017 at 10:30 a.m. (eastern). The conference call can be accessed by dialing +973-935-8505 beginning 10 minutes prior to the start of the call. A live listen-only webcast of the conference call, together with a copy of this news release (including the attachments), and other financial information that may be discussed during the call will be available on the Internet at the company's website: www.cbrands.com under "Investors," prior to the call.

About Constellation Brands

Constellation Brands (NYSE: STZ and STZ.B), a Fortune 500(R) company, is a leading international producer and marketer of beer, wine and spirits with operations in the U.S., Mexico, New Zealand, Italy and Canada. Constellation is the No. 3 beer company in the U.S. with high-end, iconic imported brands such as Corona Extra, Corona Light, Modelo Especial, Modelo Negra and Pacifico. The company's beer portfolio also includes Ballast Point, one of the most awarded craft brewers in the U.S. In addition, Constellation is the world leader in premium wine, selling great brands that people love, including Robert Mondavi, Clos du Bois, Kim Crawford, Meiomi, Mark West, Franciscan Estate, Ruffino and The Prisoner. The company's premium spirits brands include SVEDKA Vodka, Casa Noble Tequila and High West Whiskey.

Based in Victor, N.Y., the company believes that industry leadership involves a commitment to brand building, our trade partners, the environment, our investors and to consumers around the world who choose our products when celebrating big moments or enjoying quiet ones. Founded in 1945, Constellation has grown to become a significant player in the beverage alcohol industry with more than 100 brands in its portfolio, about 40 facilities and approximately 9,000 talented employees. We express our company vision: to elevate life with every glass raised. To learn more, visit www.cbrands.com.

CONTACTS

Media
Mike McGrew: 773-251-4934
Amy Martin: 585-678-7141

Investor Relations
Patty Yahn-Urlaub: 585-678-7483
Bob Czudak: 585-678-7170

Earnings Release Financial Statements: http://hugin.info/143788/R/2094162/791764.pdf
Constellation Brands 2016 Awards and Accolades: http://hugin.info/143788/R/2094162/791765.pdf

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Source: Constellation Brands Inc via Globenewswire

Source: Constellation Brands