Constellation Brands, Inc. (STZ) announced on Thursday that it incurred a net loss of $1.20 billion attributable to the company for the second quarter, a significant shift from the prior year's profit of $690 million. The loss equated to $6.59 per share, contrasting with last year's earnings of $3.74 per share.
On an adjusted basis, which aligns with comparable attributable net income, the company reported $787.6 million, or $4.32 per share, outperforming the previous year's figures of $699.6 million, or $3.80 per share. Analysts, as per Thomson Reuters, had forecasted earnings of $4.08 per share, based on sales projections of $10.44 billion, excluding any special items.
Net sales increased to $3.14 billion, up from $3.05 billion the previous year, surpassing Wall Street's expected sales figure of $2.9 billion for the quarter.
Looking forward to fiscal year 2025, Constellation Brands revised its projected earnings per share to a range of $4.05 to $4.25, a decrease from the previous year's $9.39 per share. Earlier in September, the company had anticipated reported earnings to range from $3.05 to $7.92 per share.
Additionally, the company remained consistent with its recent guidance on adjusted earnings per share, estimating between $13.60 and $13.80, compared to the prior year's $12.38. Analyst expectations for the year stand at $13.69 per share.
On October 1st, Constellation's board of directors declared a quarterly cash dividend of $1.01 per share for Class A Common Stock, payable on November 21 to shareholders recorded as of November 5.
