UPDATE: Constellation Brands (STZ) Tops Q2 EPS by 31c, Beats on Revenues; Boosts FY18 EPS Guidance Range Above Consensus
Constellation Brands (NYSE: STZ) reported Q2 EPS of $2.48, $0.31 better than the analyst estimate of $2.17. Revenue for the quarter came in at $2.09 billion versus the consensus estimate of $2.06 billion.
GUIDANCE:
Constellation Brands sees FY2018 EPS of $8.25-$8.40, versus the consensus of $8.18.
HIGHLIGHTS
- Achieves reported basis EPS of $2.48 and comparable basis EPS of $2.47, an increase of 42% and 40%, respectively
- Generates $1.1 billion of operating cash flow and $598 million of free cash flow
- Increases fiscal 2018 reported basis EPS outlook to $7.90 - $8.05 and comparable basis EPS outlook to $8.25 - $8.40; driven primarily by strong beer business results
- Affirms fiscal 2018 operating cash flow target of approximately $2.0 billion and free cash flow projection of $725 - $825 million
- Recognizes effective tax rate of approximately 20.5% and lowers anticipated fiscal 2018 tax rate to approximately 21%
- Acquires fast-growing Funky Buddha craft brewer
- Declares quarterly cash dividend
- Plans to launch Commercial Paper program
For earnings history and earnings-related data on Constellation Brands (STZ) click here.