Beverage company Constellation Brands (NYSE:STZ) reported its fiscal fourth quarter 2023 earnings on Thursday showing better-than-expected profit despite weaker revenue.
For the three-month period to end February 22, 2023, Constellation posted comparable earnings per share (EPS) of $1.98, topping analyst estimates of $1.84.
Revenue for the quarter came in at $2 billion versus the consensus estimate of $2.01 billion.
Overall, sales declined 5% year-over-year as Wine and Spirits shipments fell 22.1%.
The beverage group also upped its dividend payments by 11% to $0.89 per share.
Mixed outlook for fiscal 2024
For fiscal 2024, Constellation is targeting EPS between $11.60 and $11.90 and comparable EPS outlook of $11.70 and $12.
That said, the company’s guidance for operating cash flow of between $2.4 billion and $2.6 billion is less than the $3.03 billion expected.
Shares of Constellation Brands (NYSE:STZ) fell in early New York premarket trading but recovered just before opening to levels around 0.7% above closing levels on Wednesday.
New York State-based Constellation Brands (NYSE:STZ) is a leading international producer and marketer of beer, wine, and spirits with operations in the US, Mexico, New Zealand, and Italy.
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