Wed, Jul 3, 5:17 PM (66 days ago)
Constellation Brands, Inc. reported strong financial performance for Q1 FY 2025, with net sales increasing by 6% to $2.66 billion, driven primarily by the Beer segment's 8% growth. The Beer segment's performance was bolstered by a 7.6% increase in shipment volume and favorable pricing. However, the Wine and Spirits segment saw a 7% decline in net sales due to decreased shipment volumes and unfavorable product mix. Operating income rose 23% to $941.6 million, largely due to improvements in the Beer segment and cost-saving initiatives. Net income attributable to CBI surged to $877 million from $135.9 million, aided by a net gain on the conversion of Canopy shares to Exchangeable Shares and lower income tax provisions. The company maintained robust liquidity with $73.8 million in cash and equivalents and reduced short-term borrowings. Constellation Brands also declared a quarterly dividend of $1.01 per share for Class A Stock, reflecting its strong financial health and commitment to returning value to shareholders.