Constellation Brands Shifts Adjusted Earnings Guidance Higher

By Matt Grossman

Constellation Brands Inc. on Wednesday shifted higher its forecast for adjusted earnings in the 2022 fiscal year ending in February.

The alcoholic-beverages company said it now expects adjusted earnings of $10.15 a share to $10.45 a share, guidance that excludes income from its stake in Canopy Growth Corp., a cannabis business. Three months ago, Constellation was forecasting adjusted earnings of $10 a share to $10.40 a share.

Constellation expects beer sales to grow by 9% to 11% year over year, with operating income from the segment set to rise 4% to 6%. Wine and spirits sales will decline by 22% to 24% year over year, with operating income down by 23% to 25%. The segment's sales will grow by 2% to 4% on an organic basis excluding discontinued lines, Constellation said.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

October 06, 2021 08:07 ET (12:07 GMT)

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