WASHINGTON (dpa-AFX) - While reporting financial results for the third
quarter of fiscal 2024 on Thursday, beverage alcohol company Constellation
Brands, Inc. (STZ) maintains its comparable earnings guidance for the full-year
2024.

For fiscal 2024, the company now projects earnings in a range of $9.15 to $9.35
per share, down from the prior forecast range of $9.60 to $9.80 per share.
However, the company continues to project comparable earnings in the range of
$12.00 to $12.20 per share.

On average, 18 analysts polled by Thomson Reuters expect the company to report
earnings of $11.87 per share for the year. Analysts' estimates typically exclude
special items.

On Wednesday, Constellation's board declared a quarterly cash dividend of $0.89
per share of class A common stock, payable on February 22, 2024 to stockholders
of record as of close of business on February 8, 2024.
For the third quarter, net income attributable to the company grew to $509.1
million or $2.76 per share from $467.7 million or $2.52 per share in the
prior-year quarter.

Excluding items, comparable earnings for the quarter were $3.19 per share,
compared to $2.83 per share in the year-ago quarter.

Net sales for the quarter increased 1 percent to $2.47 billion from $2.44
billion in the same quarter last year. Organic net sales growth was 2 percent.

The Street was looking for earnings of $3.00 per share on net sales of $2.54
billion for the quarter.

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