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Constellation Brands Inc. reported its fiscal fourth quarter 2022 financial results on Thursday.
The US beer, wine and spirits producer and marketer beat both revenue and earnings per share estimates, sending the stock higher during the trading day.
Revenue reported at $2.103 billion in the quarter vs. $2.017 billion expected.
Earnings per share at $2.39 a share vs. $2.09 a share estimate.
”Driven by a relentless focus on building brands consumers love, our business continues to gain momentum. Despite various headwinds, we extended our leadership position in the high-end of the U.S. beer market, our high-end wine and spirits brands continue to outpace the industry complimented by successful innovation, we continue to invest aggressively in our core business, and we’ve set a strong foundation for future growth,” Company President and CEO, Bill Newlands, said following the latest results.
Garth Hankinson, CFO of Constellation also made comments after the results, highlighting future plans for the company and its shareholders: ”Our capital allocation strategy remains unchanged and includes a focus on maintaining an investment-grade rating, returning capital to shareholders through dividends and share repurchases, and investing in the growth of the business. In fiscal 22 alone, our strong operating results and powerful cash generation capability enabled us to return almost $2 billion in capital to shareholders as part of our $5 billion commitment by the end of fiscal 23.”
Constellation Brands Inc. chart
Shares of Constellation were up by around 4% on Thursday, trading at $240.49 per share.
Here is how the stock has performed in the past year:
Constellation Brands Inc. is the 381st largest company in the world with a market cap of $46.33 billion.
You can trade Constellation Brands Inc. (STZ) and many other stocks from the NYSE, NASDAQ, HKEX and the ASX with GO Markets as a Share CFD.
Sources: Constellation Brands Inc., TradingView, CompaniesMarketCap
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