By Senad Karaahmetovic
Constellation Brands (NYSE:STZ) reported better-than-expected profit figures for its fourth quarter.
The Q4 EPS came in at $1.98 to top the analyst estimate of $1.84. Revenue for the quarter was reported at $2 billion versus the consensus estimate of $2.01B. Overall, sales declined 5% year-over-year as Wine and Spirits shipments fell 22.1%.
“We delivered another solid year in Fiscal 23. Our Beer Business achieved its 13th consecutive year of volume growth while maintaining best-in-class margins,” said CEO Bill Newlands.
On the guidance front, STZ sees full-year EPS between $11.70 and $12.00, beating the consensus of $11.73. However, the company’s guidance for operating cash flow in the range of $2.4B and $2.6B came in below the $3.03B expected.
Moreover, STZ boosted its quarterly dividend to $0.89 per share from the prior $0.80, an increase of 11%.
STZ shares are flat in pre-market Thursday.