STZ Constellation Brands Inc

By Allison Prang

Alcohol-seller Constellation Brands Inc. is guiding for earnings for the 2021 fiscal year to top $10 a share, the company said Thursday.

The company said it expects earnings to be between $10.30 and $10.55 a share. A year earlier, Constellation had a loss of 7 cents a share.

Constellation expects comparable earnings, excluding Canopy, to be between $9.80 and $10.05 a share. A year earlier, those earnings were $9.89 a share.

The company is still expecting net sales in its beer business to increase between 7% and 9%. It now expects operating income in that segment to rise between 8% and 10%. Constellation had been expecting operating income in the beer segment to be in line with the range of 7% to 9% growth.

For the wine and spirits division, Constellation is expecting net sales to fall between 9% and 11% and for operating income to fall between 16% and 18%, it said.

Constellation is expecting between $800 million and $900 million in capital expenditures and free cash flow to be between $1.7 billion and $1.8 billion. The company is guiding for between $2.5 billion and $2.7 billion in operating cash flow and for about $390 million in interest expense.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

January 07, 2021 08:34 ET (13:34 GMT)

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