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Constellation Brands Sees FY Beer Sales Growth To Be 7%-8%

Constellation Brands Inc. (STZ) said that it expects beer sales growth for fiscal year 2021 to be 7%-8% including the impact of the Ballast Point divestiture and annual organic net sales growth of 8%-10%.

In Wine and Spirits segment, the company expects net sales and operating income for fiscal year 2021 to be down about 30% to 35%, respectively; It retained Power Brand portfolio.

Fiscal 2021 earnings per share guidance is unavailable at this time due to potential impacts on the business from COVID-19. However, the company sets forth management's pre-COVID-19 business expectations for fiscal 2021 compared to fiscal 2020 actual results.

The company declared a quarterly cash dividend of $0.75 per share of Class A Common Stock and $0.68 per share of Class B Common Stock, payable on May 19, 2020, to stockholders of record as of the close of business on May 5, 2020.

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