Constellation Brands has reported fiscal first-quarter earnings of $2.66 per share, exceeding expectations and reflecting a robust 17% increase in net sales driven by a significant 21% growth in its beer segment. The company is set to acquire 21.93 million shares of Canopy Growth Corporation, raising its stake to over 40%, as it integrates cannabis into its portfolio. Additionally, Constellation's board has approved measures to simplify corporate governance by reducing the Sands family's voting power and eliminating Class B common stock.
“Constellation Brands (STZ) · gained slightly · Thursday morning · to outperform the broader market”
“Constellation Brands · stock rose · 0.5% · true”
“Constellation Brands · could allow · to raise prices · true”
“Constellation Brands Inc Class A · will post · quarterly updates · before the opening bell”
“Constellation Brands · will acquire · 21.93 million shares of Canopy Growth Corporation · at a price ranging between $2.50 - $3.50 apiece”
“Constellation Brands Inc. · reported fiscal first-quarter comparable earnings · $2.66 per share · 14% year over year”
“Constellation Brands Inc. · net sales rose · $2,363.2 million · 17%”
“Constellation Brands Inc. · company's beer business reported sales growth · $1,898.2 million · 21%”
“Constellation Brands Inc. · forecasted free cash flow · $1.3-$1.4 billion”
“Constellation Brands Inc. · capital expenditure planned for fiscal 2023 · $1.3-$1.4 billion”
“Constellation Brands Inc. · operating margin in the beer segment · 40.2% · contracted 260 bps”
“Constellation Brands Inc. · cash and cash equivalent as of May 31, 2022 · $101.8 million”
