Constellation Brands Raises FY Comparable EPS Outlook

(RTTNews) - While reporting financial results for the second-quarter, Beverage alcohol company Constellation Brands Inc. (STZ) raised its fiscal 2022 comparable earnings per share outlook.

The company now expects annual comparable earnings per share, excluding Canopy EIE, to be in the range $10.15 - $10.45, compared to the prior outlook of $10.00 to $10.30 per share. Analysts polled by Thomson Reuters expect the company to report annual earnings of $10.03 per share. Analysts' estimates typically exclude special items.

The company now projects annual earnings per share to be between $0.30 and $0.60, compared to the previous estimation of $2.70 to $3.00 per share.

The revised annual profit guidance includes shares repurchased through September only.

The company affirmed its fiscal 2022 operating cash flow target of $2.4 billion- $2.6 billion and free cash flow projection of $1.4 billion - $1.5 billion.