Constellation Brands Authorizes $2 Billion in Share Buybacks, Targets 7% to 9% Growth in Beer

By Ben Glickman

Constellation Brands authorized up to $2 billion in additional share buybacks and outlined its medium-term growth targets.

The Victor, N.Y.-based beer and wine seller said Thursday ahead of its investor day that it was aiming for medium-term growth in its beer business of 7% to 9%. The company has forecast 8% to 9% growth in beer sales in fiscal 2024.

Constellation is also forecasting medium-term wine and spirits sales growth of 1% to 3%. The company previously said it was forecasting a 0.5% drop to a 0.5% rise in organic sales in fiscal 2024.

The company is targeting double-digit earnings per share growth in the medium term, excluding Canopy, which the company owns a stake in.

Constellation said that other than its share-repurchase program, it is focused on allocation capital to strengthening its balance sheet, returning to cash to shareholders, investing in organic growth and executing tuck-in acquisitions.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

November 02, 2023 13:35 ET (17:35 GMT)

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