The company said the increase in Beer net sales was driven by $564.5 million of shipment volume growth and $147.6 million of higher pricing in select markets, partially offset by an $11.5 million decline in net sales from the Craft Beer Divestitures.

1. 01

   The company said the increase in Beer net sales was driven by $564.5 million of shipment volume growth and $147.6 million of higher pricing in select markets, partially offset by an $11.5 million decline in net sales from the Craft Beer Divestitures.

2. 02

   Constellation Brands said the decline in Wine and Spirits net sales consisted of an organic net sales decrease of $149.9 million and $38.5 million from the Wine Divestiture. It attributed the organic decline mainly to a decrease of $175.2 million in branded wine and spirits shipment volume.

3. 03

   The company said interest expense rose 9% to $435.4 million in Fiscal 2024 from $398.7 million in Fiscal 2023, an increase of $36.7 million. It cited approximately $675 million of higher average borrowings and approximately 20 basis points of higher weighted average interest rates as the factors.

4. 04

   The company said it spent $1,269.1 million on capital expenditures in Fiscal 2024, of which $947.9 million was in the Beer segment, mainly for the Mexico Beer Projects. It said it plans to spend $1.4 billion to $1.5 billion in Fiscal 2025.

Key figures

Fiscal year ended February 29, 2024

Revenue

$10.0B

Operating income

$3.2B

Net income

$1.7B

Gross profit

$5.0B

Operating cash flow

$2.8B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.