=Constellation Brands (STZ) reported earnings on Wed 9 Jan 2019 (b/o)

Constellation Brands beats by $0.29, beats on revs; lowers FY19 EPS below consensus on lower wine and spirits outlook

• Reports Q3 (Nov) earnings of $2.37 per share, excluding non-recurring items, $0.29 better than the S&P Capital IQ Consensus of $2.08; revenues rose 9.5% year/year to $1.97 bln vs the $1.91 bln S&P Capital IQ Consensus.
  • Beer: The Modelo and Corona brand families drove depletion growth of 8%, with the Constellation beer business achieving the most significant share gains in the U.S. beer industry for the third quarter.
  • Wine and sprits: Depletion performance for the below $11 price point continues to be challenged, resulting in an overall fiscal year-to-date depletion decline of 2%.
• Co issues downside guidance for FY19, sees EPS of $9.20-9.30 vs. $9.44 S&P Capital IQ Consensus. Affirms fiscal 2019 operating cash flow target of approximately $2.45 billion and free cash flow projection of $1.2 - $1.3 billion. The beer business now expects fiscal 2019 net sales growth to be at the high end of the 9 - 11% range and operating margin to approximate 39%. The wine and spirits business now expects net sales and operating income to decline low-single digits for fiscal 2019, down from +2-4% growth last quarter.

Earnings this week : Jan 7 - 11, 19 (wk 2)

Note we will probably see a large number of companies preannouncing fourth quarter results next week.

Monday (Jan 7) 
Today is the start of the 4th quarter "guidance season" and we've had 39 companies provide guidance this morning.  22 of them were positive while 11 were negative.  Only January 2010, 2016, and 2018 (the 4th quarters of 2009, 2015, and 2017) had stronger starts.

• Morning: CMC
• Afternoon: None

Tuesday (Jan 8)

• Morning: AZZ HELE LNN
• Afternoon: KSHB SGH 

Wednesday (Jan 9)

• Morning: AYI GBX LEN MSM SCHN STZ
• Afternoon: BBBY KBH PSMT WDFC

Thursday (Jan 10)

• Morning: None
• Afternoon: SNX

Friday (Jan 11)

• APHA

=Constellation Brands (STZ) reported earnings on Fri 29 June 18 (b/o)

Constellation Brands misses by $0.24, reports revs in-line; reaffirms FY19 guidance 

• Reports Q1 (May) earnings of $2.20 per share, excluding non-recurring items, $0.24 worse thanthe Capital IQ Consensus of $2.44; revenues (excluding excise taxes) rose 6.1% year/year to $2.05 bln vs the $2.05 bln Capital IQ Consensus.
• Co reaffirms guidance for FY19, sees EPS of $9.40-9.70, excluding non-recurring items, vs. $9.72 Capital IQ Consensus Estimate. For fiscal 2019, the beer business is targeting net sales and operating income growth to be in the range of 9 - 11 percent. For the wine and spirits business, the company expects net sales and operating income growth to be in the range of 2 - 4 percent (reaffirmed from prior guidance). Affirms fiscal 2019 operating cash flow target of approximately $2.45 billion and free cash flow projection of $1.2 - $1.3 billion.

-=Constellation Brands (STZ) reported earnings on Fri 5 Jan 2018 (b/o)

Constellation Brands Correction: Co beats on EPS; misses on revs excluding excise taxes 

• Reports Q3 (Nov) comparable earnings of $2.00 per share, $0.11 better than the Capital IQ Consensus of $1.89; revenues (ex excise taxes) declined 0.6% year/year to $1.8 bln vs the $1.87 bln Capital IQ Consensus.
• Shipment growth was below depletion growth primarily due to timing. Year-to-date shipments grew at almost 8.5%. The beer business continues to target high-single digit volume growth and 9% - 11% net sales growth for fiscal 2018, with EBIT growth in the 18% - 19% range./ Operating margin increased 290 basis points to 37.7%, driven primarily by strong operating performance and favorable pricing.
• Co issues raised guidancefor FY18, sees EPS of $8.40-8.50 from $8.25-8.40 vs. $8.44 Capital IQ Consensus Estimate.
• Co affirms fiscal 2018 operating cash flow target of approximately $2.0 billion and free cash flow projection of $725 - $825 million. Board of Directors authorizes new $3 billion share repurchase program; $308 million remaining on existing authorization.
• For fiscal 2018, the beer business continues to target net sales growth in the range of 9 - 11 percent and operating income growth is now targeted in the range of 18 - 19 percent. For the wine and spirits business, the company continues to expect net sales to decrease in the range of 4 - 6 percent and operating income to be flat. These projections include the estimated impact of the December 2016 divestiture of the Canadian wine business and the estimated incremental benefits from the High West, Charles Smith and Prisoner acquisitions. 

=Constellation Brands (STZ) reported earnings on Thur 6 Apr 2017 (b/o)

• Constellation Brands posts 4Q profit

VICTOR, N.Y. (AP)  Constellation Brands beats by $0.12, beats on revs; guides FY18 EPS above consensus; raises dividend 30% :

• Reports Q4 (Feb) earnings of $1.48 per share, excluding non-recurring items, $0.12 better than the Capital IQ Consensus of $1.36; revenues rose 5.5% year/year to $1.63 bln vs the $1.59 bln Capital IQ Consensus. This reflects organic net sales growth on a constant currency basis of 7%.
  • Net sales for beer increased 11%. This was due to a 10 % increase in organic net sales driven primarily by volume growth and favorable pricing.
  • Wine and spirits net sales were flat. This reflects a four % increase in organic net sales and the acquisition benefit from Prisoner, Charles Smith and High West, offset by the divestiture of the Canadian wine business.
• Co issues upside guidance for FY18, sees EPS of $7.70-8.00, excluding non-recurring items, vs. $7.51 Capital IQ Consensus Estimate. 
  • For fiscal 2018, the beer business is targeting net sales growth in the range of 9 - 11 % and operating income growth in the range of 11 - 13 %.
  • For the wine and spirits business, the co expects net sales to decrease in the range of 4 - 6 % and operating income to be flat. These projections include the estimated impact of the December 2016 divestiture of the Canadian wine business and the estimated incremental benefits from High West, Charles Smith and Prisoner acquisitions. Excluding the $311 million of net sales and $50 million of operating income from the fiscal 2017 wine and spirits segment results related to the Canadian wine business divestiture, the company expects net sales growth of 4 - 6 % and operating income growth of 5 - 7 % for fiscal 2018.
• On April 5, 2017, Constellation's board of directors declared a quarterly cash dividend of $0.52 per share of Class A Common Stock and $0.47 per share of Class B Common Stock, payable on May 24, 2017, to stockholders of record as of the close of business on May 10, 2017. This represents an increase of ~30% in the dividend rate per share for both the Class A and Class B Common Stock. During fiscal 2017, the company repurchased ~7.4 million shares of common stock for $1.1 billion, including ~5 million shares of common stock for $750 million during fourth quarter fiscal 2017.

=Constellation Brands (STZ) reported earnings on Thur 5 Jan 2017 (b/o)

Constellation Brands beats by $0.24, reports revs in-line; raises FY17 EPS above consensus :

• Reports Q3 (Nov) earnings of $1.96 per share, $0.24 better than the Capital IQ Consensus of $1.72; revenues rose 10.4% year/year to $1.81 bln vs the $1.81 bln Capital IQ Consensus. This reflects organic net sales growth on a constant currency basis of 7% and acquisition benefits.
  • Net sales for beer increased 16 percent. This was due to a 12 percent increase in organic net sales driven primarily by volume growth and favorable pricing, and the acquisition benefit from Ballast Point.
  • Wine and spirits net sales increased five percent. This primarily reflects the acquisition benefit from The Prisoner wine brands and favorable mix, partially offset by lower volume due to timing, as U.S. depletion volume outpaced shipment volume during the quarter.
• Co issues upside guidance for FY17, raises EPS to $6.55-6.65 from $6.30-6.45, excluding non-recurring items, vs. $6.46 Capital IQ Consensus Estimate. 
  • For fiscal 2017, the beer business continues to expect net sales growth of 16 - 17 percent and operating income growth at the high teens level. These growth rates include an estimated incremental benefit from the Ballast Point acquisition.
  • For the wine and spirits business, the company continues to expect net sales growth in the mid single-digit range and operating income growth in the mid to high single-digit range. These growth rates include an estimated incremental benefit from the Meiomi, Prisoner, High West and Charles Smith acquisitions, net of the Canadian wine business divestiture.
• During Q3, the co repurchased 2.4 million shares of common stock for $367 million.