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Constellation Brands, Inc. (STZ) has reported a 26.55 percent rise in profit for the quarter ended May 31, 2017. The company has earned $402.80 million in the quarter, compared with $318.30 million for the same period last year. On an adjusted basis, net profit for the quarter was $470.50 million, when compared with $317 million in the last year period.
Revenue during the quarter grew 3.40 percent to $1,935.50 million from $1,871.80 million in the previous year period. Gross margin for the quarter expanded 434 basis points over the previous year period to 51.42 percent. Total expenses were 70.65 percent of quarterly revenues, up from 70.47 percent for the same period last year. That has resulted in a contraction of 18 basis points in operating margin to 29.35 percent.
Operating income for the quarter was $568.10 million, compared with $552.70 million in the previous year period.
However, the adjusted operating income for the quarter stood at $668.80 million compared to $548.70 million in the prior year period. At the same time, adjusted operating margin improved 524 basis points in the quarter to 34.55 percent from 29.31 percent in the last year period.
"We’re off to a great start for our new fiscal year as we continue to deliver excellent results that demonstrate our commitment to sustain profitable growth and build shareholder value," said Rob Sands, president and chief executive officer, Constellation Brands. "Across the business, we’re driving consumer demand for our exceptional portfolio of premium products while executing strong financial and operational performance."
For financial year 2018, Constellation Brands, Inc. forecasts diluted earnings per share to be in the range of $7.55 to $7.75. The company forecasts diluted earnings per share to be in the range of $7.90 to $8.10 on adjusted basis.
Operating cash flow improves Constellation Brands, Inc. has generated cash of $381.60 million from operating activities during the quarter, up 10.32 percent or $35.70 million, when compared with the last year period. The company has spent $221.30 million cash to meet investing activities during the quarter as against cash outgo of $453.90 million in the last year period.
The company has spent $141.60 million cash to carry out financing activities during the quarter as against cash inflow of $191.90 million in the last year period.
Cash and cash equivalents stood at stood at $199.10 million as at May 31, 2017.
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