USA: Constellation Reports 23% Increase in Second Quarter Earnings Per Share; Wine and Beer Lead Growth
By Company Press Release | 27 September 2000
Constellation Brands, Inc. (NYSE: STZ - news, STZ.B), today reported record results for the three months ended August 31, 2000 ("Second Quarter 2001"). Net income of $26 million represents an increase of 24 percent over net income of $21 million for the three months ended August 31, 1999 ("Second Quarter 2000"). Earnings per share on a diluted basis were $1.40 for Second Quarter 2001 versus $1.14 for the comparable quarter a year ago, an increase of 23 percent.Richard Sands, Chairman, Chief Executive Officer and President of Constellation said, "We are very pleased with the results reported for the quarter and for the first six months of this fiscal year. Led by our North American businesses, we continue to drive sales and earnings growth, particularly in our beer and fine wine portfolio, which outperformed their respective industries. Net sales and operating income for our North American businesses grew eight percent and 21 percent, respectively. Additionally, our free cash flow exceeded earnings and we continue to pay down debt, thereby creating greater financial flexibility as we build a foundation for future growth."
just-drinks articles are only available to registered users and members.
Join now for increased access
There are various access options to choose from. All provide instant access to the latest news, insight and expert analysis.
If you’re already a member, login here.
Constellation Brands, Inc. (NYSE: STZ - news, STZ.B), today reported record results for the three months ended August 31, 2000 ("Second Quarter 2001"). Net income of $26 million represents an increase of 24 percent over net income of $21 million for the three months ended August 31, 1999 ("Second Quarter 2000"). Earnings per share on a diluted basis were $1.40 for Second Quarter 2001 versus $1.14 for the comparable quarter a year ago, an increase of 23 percent.Richard Sands, Chairman, Chief Executive Officer and President of Constellation said, "We are very pleased with the results reported for the quarter and for the first six months of this fiscal year. Led by our North American businesses, we continue to drive sales and earnings growth, particularly in our beer and fine wine portfolio, which outperformed their respective industries. Net sales and operating income for our North American businesses grew eight percent and 21 percent, respectively. Additionally, our free cash flow exceeded earnings and we continue to pay down debt, thereby creating greater financial flexibility as we build a foundation for future growth."
- Unlimited access to all the latest global beverage news and insight
- Expert analysis that puts the news into context
- Exclusive interviews with leading industry figures
- Monthly management briefings with detailed analysis on hot topics
- Personalised RSS feeds and email newsletters
- 10-year archive of news, insight and intelligence
- Discounts on just-drinks market research
- Plus much more
If you’re already a member, login here
More articles related to this one
AUS: Record harvest for Constellation unit
The Hardy Wine Company has posted a record grape harvest.
US: Constellation to launch Australian wine brand
Constellation Brands is to launch a new Australian wine brand onto the US market through its North Lake Wines. The wine will be called Kelly's Revenge.
RESEARCH: UK women lead alcohol consumption rise
Alcohol intake amongst young female adults in the UK continues to rise and shows no signs of abating, according to a recent report.
