Constellation Brands beats by $0.09, beats on revs; raises FY15 EPS guidance above consensus driven by strong beer business shipment volume
Reports Q3 (Nov) earnings of $1.23 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus Estimate of $1.14; revenues rose 6.9% year/year to $1.54 bln vs the $1.51 bln consensus.
- Co raises guidance for FY15, sees EPS of $4.25-4.35, excluding non-recurring items, vs. $4.24 Capital IQ Consensus Estimate, up from $4.10-4.25.
- Reaffirms free cash flow projection of $275 - $350 million for fiscal 2015 including operating cash flow target of at least $1 billion and total capital expenditure estimate of $725 - $775 million.
- "Our beer business continued to gain share across all channels during the third quarter driven by Modelo Especial, Corona Extra and Modelo Especial Chelada."
- "Our outstanding beer portfolio is experiencing tremendous momentum and generated the vast majority of total U.S. industry volume growth in IRI channels during the quarter."