Constellation Brands Expects FY21 EPS to Top $10 a Share
January 07 2021 - 8:49AM
Dow Jones News
By Allison Prang
Alcohol-seller Constellation Brands Inc. is guiding for earnings
for the 2021 fiscal year to top $10 a share, the company said
Thursday.
The company said it expects earnings to be between $10.30 and
$10.55 a share. A year earlier, Constellation had a loss of 7 cents
a share.
Constellation expects comparable earnings, excluding Canopy, to
be between $9.80 and $10.05 a share. A year earlier, those earnings
were $9.89 a share.
The company is still expecting net sales in its beer business to
increase between 7% and 9%. It now expects operating income in that
segment to rise between 8% and 10%. Constellation had been
expecting operating income in the beer segment to be in line with
the range of 7% to 9% growth.
For the wine and spirits division, Constellation is expecting
net sales to fall between 9% and 11% and for operating income to
fall between 16% and 18%, it said.
Constellation is expecting between $800 million and $900 million
in capital expenditures and free cash flow to be between $1.7
billion and $1.8 billion. The company is guiding for between $2.5
billion and $2.7 billion in operating cash flow and for about $390
million in interest expense.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
January 07, 2021 08:34 ET (13:34 GMT)
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