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The mother ship reported today

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Share Your Pack, Not Your Pre-Roll: Canopy Growth Unveils New PRJ Line-Up PR Newswire (Canada) - 7/27/2021 8:00:00 AM
Share Your Pack, Not Your Pre-Roll: Canopy Growth Unveils New PRJ Line-Up PR Newswire (US) - 7/27/2021 8:00:00 AM
Partagez votre paquet, pas vos joints préroulés : Canopy Growth dévoile une nouvelle gamme de joints préroulés PR Newswire (Canada) - 7/27/2021 8:00:00 AM
Canopy Growth to Report First Quarter Fiscal Year 2022 Financial Results on August 6, 2021 PR Newswire (US) - 7/23/2021 7:00:00 AM
Canopy Growth to Report First Quarter Fiscal Year 2022 Financial Results on August 6, 2021 PR Newswire (Canada) - 7/23/2021 7:00:00 AM
Canopy Growth Completes Acquisition of Supreme PR Newswire (Canada) - 6/23/2021 7:01:00 AM
Canopy Growth Completes Acquisition of Supreme PR Newswire (US) - 6/23/2021 7:01:00 AM
Little Green Pharma To Accelerate Growth Strategy With Acquisition of World-Class Production and Manufacturing Facility in De... PR Newswire (Canada) - 6/22/2021 6:00:00 AM
Little Green Pharma accélérera sa stratégie de croissance grâce à l'acquisition d'une installation de production et de f... PR Newswire (Canada) - 6/22/2021 6:00:00 AM
Little Green Pharma To Accelerate Growth Strategy With Acquisition of World-Class Production and Manufacturing Facility in De... PR Newswire (US) - 6/22/2021 6:00:00 AM
Little Green Pharma To Accelerate Growth Strategy With Acquisition of World-Class Production and Manufacturing Facility in De... PR Newswire (US) - 6/21/2021 10:00:00 PM
Canopy Growth Reports Fourth Quarter and Fiscal Year 2021 Financial Results PR Newswire (Canada) - 6/1/2021 7:00:00 AM
Canopy Growth Reports Fourth Quarter and Fiscal Year 2021 Financial Results PR Newswire (US) - 6/1/2021 7:00:00 AM
Canopy Growth Announces June 2021 Investor Conference Participation PR Newswire (Canada) - 5/28/2021 7:03:00 AM
Canopy Growth Announces June 2021 Investor Conference Participation PR Newswire (US) - 5/28/2021 7:03:00 AM
Canopy Growth Welcomes Martha Stewart as Official Strategic Advisor PR Newswire (Canada) - 5/20/2021 7:00:00 AM
Canopy Growth Welcomes Martha Stewart as Official Strategic Advisor PR Newswire (US) - 5/20/2021 7:00:00 AM
Canopy Growth to Report Fourth Quarter and Fiscal Year 2021 Financial Results on June 1, 2021 PR Newswire (US) - 5/18/2021 7:00:00 AM
Canopy Growth to Report Fourth Quarter and Fiscal Year 2021 Financial Results on June 1, 2021 PR Newswire (Canada) - 5/18/2021 7:00:00 AM
Canopy Growth Signs U.S. Distribution Agreement with Southern Glazer's Wine & Spirits for CBD Beverage Portfolio PR Newswire (US) - 4/21/2021 7:00:00 AM
Canopy Growth Introduces Vert - a Quebec-Exclusive Cannabis Brand PR Newswire (Canada) - 4/14/2021 7:00:00 AM
Canopy Growth présente Vert, une marque de cannabis exclusive au Québec PR Newswire (Canada) - 4/14/2021 7:00:00 AM
Canopy Growth to Acquire The Supreme Cannabis Company PR Newswire (US) - 4/8/2021 8:00:00 AM
Canopy Growth to Acquire The Supreme Cannabis Company PR Newswire (Canada) - 4/8/2021 8:00:00 AM
Canopy Growth conclut l'acquisition d'Ace Valley, une des principales marques de cannabis ontarienne PR Newswire (Canada) - 4/1/2021 9:05:00 PM
happyglass Member Level  Thursday, 04/08/21 02:11:08 PM
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The mother ship reported today
Dow Jones
Constellation Brands Stock Is Falling After Earnings. Blame Disappointing Guidance. -- Barrons.com
04/08/2021 09:58 AM ET
Teresa Rivas
Constellation Brands is tumbling early Thursday, on the heels of the spirit maker's fiscal-fourth-quarter results, which included a downbeat full-year forecast.
Constellation (ticker: STZ) earned $382.9 million, or $1.95 a share, compared with $2.04 a share a year ago. Adjusted earnings, which exclude non-recurring items like depreciation and deferred tax provisions, were $1.82 a share. Revenue climbed 2.6% to $1.95 billion. Analysts were looking for EPS of $1.55 on revenue of $1.85 billion.
For the upcoming full year, Constellation expects EPS of $6.90 to $7.20 a share. On a comparable basis not including its stake in marijuana firm Canopy Growth Corp (CGC), Constellation expects earnings of $9.95 to $10.25 a share. Analysts had been looking for EPS of $10.43.
The company is forecasting beer sales to grow between 7% and 9%, and wine and spirit sales to fall 22% to 24%. (The company sold its lower-price wine and spirits portfolio at the start of 2021.) Organic sales for wine and spirits are expected to grow between 2% and 4%.
The quarterly results looked better than expected, although investors may be focusing or smaller details this morning along with the disappointing guidance.
While beer sales were strong, the company expects margin headwinds for the business in the coming fiscal year, and beer depletions, which track how quickly beer leaves the distributor for retailers, fell sequentially in the fourth quarter. In addition, Constellation said it plans $1 billion to $1.1 billion in capital expenditures, focused on its Mexico beer operations.
Constellation stock is down 4.8% to $223.65 in Thursday morning trading, but is still up 33.9% in the latest 12 months.
Write to Teresa Rivas at teresa.rivas@barrons.com
(END) Dow Jones Newswires
April 08, 2021 09:58 ET (13:58 GMT)
© 2021 Dow Jones & Company, Inc.

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