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Constellation Brands: FCF target raised for 2023-24

( - On its quarterly earnings call, Constellation Brands confirms that it expects LFL 2023-24 EPS of between $12 and $12.
20, while raising its FCF target range to $1.4bn to $1.5bn (vs. $1.2bn to $1.3bn).

The alcoholic beverage group's Q3 EPS rose 13% to $3.19 ($3.24 excluding Canopy EIE), while its operating profit increased 7% to $820m, again on a comparable basis.

Constellation Brands' sales increased by 1% to $2.47bn, with 4% growth in beer sales offsetting an 8% decline in wine and spirits sales.

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