News & Analysis

Constellation Brands posts mixed results

8 January 2024 By Klavs Valters


US producer and marketer of beer, wine and spirits, Constellation Brands Inc. (NYSE: STZ), announced Q3 fiscal 2024 financial results before the market opened in the US on Friday.

The company reported revenue of $2.471 billion for the quarter, which fell short of $2.538 billion expected.

Earnings per share topped analyst estimates at $3.19 per share vs. estimate of $3.014 per share.

Company overview

  • Founded: 1945
  • Headquarters: Victor, New York, United States
  • Number of employees: 10,700 (2023)
  • Industry: Beverages
  • Key people: Rob Sands (Chairman), Richard Sands (Vice Chairman), Bill Newlands (CEO), Garth Hankinson (CFO)

CFO commentary

“The continued strong performance of our Beer portfolio in Q3 has given us the confidence to raise our full-year operating income outlook for that Business. In addition, we now expect higher
enterprise operating cash flow and free cash flow in Fiscal 2024. We remain committed to our disciplined and balanced approach to deploying that cash with a consistent focus on supporting our investment grade balance sheet, steady cash returns to shareholders through our dividend, opportunistic share repurchases, brewing capacity investments in our Beer Business, and tuck-in M&A to fill portfolio gaps,” Garth Hankinson, CFO of Constellation Brands, commented on the latest results.

Stock reactions

Shares of Constellation Brands were up by just over 2% after posting the latest results on Friday, trading at $247.53 a share.

Stock performance

  • 1 month: +5.58%
  • 3 months: +4.62%
  • Year-to-date: +2.39%
  • 1 year: +15.54%

Constellation Brands stock price targets

  • JP Morgan: $301
  • Jefferies Financial Group: $292
  • Truist Financial: $260
  • Barclays: $280
  • HSBC: $290
  • Wedbush: $300
  • Wells Fargo: $285
  • Goldman Sachs: $305
  • Deutsche Bank: $243
  • Royal Bank of Canada: $295
  • TD Cowen: $300
  • Morgan Stanley: $305

Constellation Brands Inc. is the 387th largest company in the world with a market cap of $45.46 billion.

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Sources: Constellation Brands Inc., TradingView, MarketWatch, Benzinga, CompaniesMarketCap

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