Meanwhile, adjusted gross profit margin contracted 130 basis points (bps) to 51.2%.Ĭonstellation Brands' comparable operating income declined 8% to $730.3 million, while comparable operating margin contracted 450 bps to 30.8%.
Image Source: Zacks Investment Research MarginsĪdjusted gross profit rose 2% year over year to $1,214.5 million. In the past three months, shares of this Zacks Rank #3 (Hold) company declined 6.1% compared with the industry’s fall of 11.4%. In the United States, the shipment volume plunged 41.1%, while organic shipment was flat with last year. Shipment volume in the wine and spirits business slumped 36.2%, while depletions fell 2.3%. Solid performances by The Prisoner Brand Family, Kim Crawford, and Meiomi were key growth drivers. Organic net sales were driven by gains from consumer-driven innovation initiatives. Organic net sales for the segment advanced 15%. Sales in the wine and spirits segment decreased 18% to $509.8 million in the fiscal second quarter. It was also the largest share gainer in dollar sales in the U.S. 1 beer brand, thus strengthening its leadership position in the high-end category.
Depletion volume benefited from continued strength in Modelo Especial and Corona Extra.ĭepletion volume increased 16% for the Modelo Especial and nearly 5% for Corona Extra. Sales growth at the segment was driven by robust consumer demand for its iconic brands. Sales benefited from double-digit net sales growth at the beer business, and organic sales growth in the wine and spirits business.Ĭonstellation Brands Inc Price, Consensus and EPS SurpriseĬonstellation Brands Inc price-consensus-eps-surprise-chart | Constellation Brands Inc QuoteĪt the company’s beer business, sales climbed 14% to $1,861.3 million, including an 11.7% increase in shipment volumes and 7.3% depletion volume growth. Organic net sales advanced 14% year over year. Net sales improved 5% to $2,371.1 million and beat the Zacks Consensus Estimate of $2,316.4 million. Excluding the impact of Canopy Growth, it posted comparable earnings of $2.52 per share, down 13% from the year-ago period. On a reported basis, the company’s earnings per share was 1 cent, which included Canopy Growth equity losses of 13 cents. Constellation Brands raised its comparable earnings per share view for fiscal 2022.Ĭonstellation Brands posted fiscal second-quarter comparable earnings of $2.38 per share, which declined 14% year over year and missed the Zacks Consensus Estimate of $2.78. Sales also improved year over year driven by continued growth in the beer business and robust consumer demand.
( STZ Quick Quote STZ - Free Report) reported lower-than-expected earnings in second-quarter fiscal 2022 results, while the top line beat the Zacks Consensus Estimate.