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US: Constellation updates guidance after share sale

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US wine group, Constellation Brands, has completed its public offering of common and mandatory convertible preferred stock, raising about US$427.4m.

The funds will be used to repay financing costs incurred when the company acquired BRL Hardy.

The company also updated its earnings guidance for fiscal 2004 to reflect the new shares. Diluted earnings per share on a comparable basis are expected to range between US$2.44 and US$2.51 per share.

Full-year earnings per share on a GAAP basis are likely to reach US$1.89 to US$1.96, the company said.


Sectors: Wine

Companies: Constellation Brands

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