Beverage company Constellation Brands posted fourth quarter earnings that surpassed analysts’ expectations, on the back of beer sales strength and demand for high-end beverages.
The company’s diluted net earnings for the three months ending in February fell -5.3% from the year-ago quarter to $1.95 per share. Adjusted per-share earnings came in at $1.82, well above FactSet consensus of $1.58.
Revenues increased +3% year-over-year to $1.953 billion, compared to analysts' estimates of $1.9 billion tally. The company’s beer business was bolstered by a strong performance at off-premise channels, which more than offset weakness in on-premise channels with many bars and restaurants operating at limited capacity during the pandemic. Modelo Especial was number 1 import share gainer. Its wine and spirits business, high-end wine brands were driven by double-digit growth for Kim Crawford, Meiomi and The Prisoner Brand family.
Looking ahead, the company is projecting EPS to range from $6.90 to $7.20 and adjusted EPS excluding Canopy to range from $9.95 to $10.25 for fiscal 2022. The current FactSet consensus expectation for EPS is $10.43.