Revenue during the quarter grew 5.50 percent to $1,628 million from $1,543.20 million in the previous year period. Gross margin for the quarter expanded 328 basis points over the previous year period to 48.38 percent. Total expenses were 56.89 percent of quarterly revenues, down from 73.36 percent for the same period last year. This has led to an improvement of 1647 basis points in operating margin to 43.11 percent.

Operating income for the quarter was $701.80 million, compared with $411.10 million in the previous year period.

However, the adjusted operating income for the quarter stood at $494.80 million compared to $434.70 million in the prior year period. At the same time, adjusted operating margin improved 222 basis points in the quarter to 30.39 percent from 28.17 percent in the last year period.

"Fiscal 2017 has been a year marked by operational excellence and record financial performance," said Rob Sands, president and chief executive officer, Constellation Brands. "We look forward to building on these results to achieve comparable EPS growth that exceeds our target of at least 10% for fiscal 2018, as we continue to build shareholder value," said Sands.

For financial year 2018, Constellation Brands, Inc. forecasts diluted earnings per share to be in the range of $7.65 to $7.95. It forecasts diluted earnings per share to be in the range of $7.70 to $8 on adjusted basis for the same period.

The company has spent $1,461.80 million cash to meet investing activities during the year as against cash outgo of $2,207.40 million in the last year.

The company has spent $134.80 million cash to carry out financing activities during the year as against cash inflow of $776 million in the last year period.

Cash and cash equivalents stood at $177.40 million as on Feb. 28, 2017, up 113.48 percent or $94.30 million from $83.10 million on Feb. 29, 2016.

Working capital declines
Constellation Brands, Inc. has witnessed a decline in the working capital over the last year. It stood at $532.40 million as at Feb. 28, 2017, down 24.51 percent or $172.90 million from $705.30 million on Feb. 29, 2016. Current ratio was at 1.20 as on Feb. 28, 2017, down from 1.31 on Feb. 29, 2016.

Cash conversion cycle (CCC) has decreased to 95 days for the quarter from 98 days for the last year period. Days sales outstanding went down to 20 days for the quarter compared with 22 days for the same period last year.

Days inventory outstanding has increased to 105 days for the quarter compared with 99 days for the previous year period. At the same time, days payable outstanding went up to 30 days for the quarter from 23 for the same period last year.