In the first quarter of fiscal year 2024 ending May 31, 2023, Constellation Brands, the well-known US company in the alcoholic beverages sector, recorded a turnover of 2.515 billion dollars. This figure represents a growth of 6% compared to the previous year.
Despite a 6% decrease, operating income was $765 million. Even more significant was the decline in net income, which fell to 136 million dollars, a decrease of 65%.
Earnings Per Share (EPS) scored $0.74, down 64%. However, comparable EPS was $2.91. Excluding the impact of Canopy, an investee of Constellation Brands, comparable EPS rose to $3.04, an increase of 5%. This data beat analysts’ forecasts, which, according to Refinitiv data, had forecast earnings per share of $2.83 on revenues of $2.47 billion.