Constellation Brands will announce its half-year and second-quarter results on Wednesday (7 October). Here, just-drinks looks at the wine, beer and spirits producer's activities in the three months to the end of August:
- In mid-June, the company confirmed that CFO Bob Ryder was set to stand down. Ryder, who assumed the position in 2007, stood down at the beginning of August, following the release of Constellation's Q1 results. The company said at the time that the two events were not related. Nevertheless, as just-drinks warned, Wall Street fears change.
- Later in June, Constellation upped its investment in Mexico to US$2bn as the company continued to strengthen its beer business.
- At the start of July, the group released its first-quarter results, crediting its beer business for driving a strong set of numbers. In a follow-up conference call, president & CEO Rob Sands gave more detail around the firm's beer unit's success.
- At the same time, the company announced it was to acquire Californian wine brand Meiomi for approximately US$315m, a deal which it completed at the beginning of August.
- Later in August, a new venture capital fund run by Constellation made its first investment, a minority stake in RTD cocktail maker Crafthouse Cocktails.
Q1 results highlights:
- Net profits increased by 15.4% to US$238.6m
- Net sales in three months to end of May were up by 6.9% to $1.63bn
- Operating profits climbed by 8.9% to $427.3m
- Full-year EPS outlook was set at $4.60 to $4.80 on reported basis
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