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Constellation Brands Raises FY19 Profit View; Stock Up

Constellation Brands (STZ) said that it increased fiscal 2019 reported basis earnings per share outlook to a range of $14.10 - $14.25 and comparable basis earnings per share outlook to $9.60 - $9.75; excludes impact of the pending additional investment in Canopy Growth Corporation. Analysts polled by Thomson Reuters expect the company to report earnings of $9.34 per share for fiscal year 2019. Analysts' estimates typically exclude special items.

The company said it June that it expected fiscal 2019 reported basis earnings per share outlook to a range of $10.93 - $11.23, and comparable basis earnings per share of $9.40 - $9.70.

In the Thursday's pre-market trade, STZ is trading at $221.80 ,up $11.04 or 5.24 percent.

The company today said it affirmed fiscal 2019 operating cash flow target of approximately $2.45 billion and free cash flow projection of $1.2 billion - $1.3 billion.

For fiscal 2019, the beer business continues to target net sales and operating income growth to be in the range of 9- 11 percent. For the wine and spirits business, the company continues to expect net sales and operating income growth to be in the range of 2 - 4 percent.

On October 3, 2018, Constellation's board of directors declared a quarterly cash dividend of $0.74 per share of Class A Common Stock and $0.67 per share of Class B Common Stock, payable on November 20, 2018, to stockholders of record as of the close of business on November 6, 2018.

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