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EX - 99.1 2 stzex991_113020208k.htm EX - 99.1 Constellation Brands THIRD QUARTER FISCAL YEAR 2021 RESULTS JANUARY 7 , 2021 % Change Comparable % Change ( 1 ) Earnings Before Interest & Taxes ( EBIT ) Third Quarter Fiscal Year 2021 Financial Highlights ( ¹ ) | In millions , except per share data Reported $ 2,438 ΝΑ ΝΑ 22 % $ 2,438 22 % $ 818 35 % ● Constellation Delivers Excellent Results ; Drives Strong Cash Generation and Further Reduces Debt Beer Depletion Growth Accelerates to 12 % Wine and Spirits Power Brands Drive Solid Depletion Growth Diluted Net Income ( Loss ) Per Share Attributable to CBI ( EPS ) Net Sales Despite COVID - related headwinds , generates reported basis EPS of $ 6.55 and comparable basis EPS of $ 3.09 , including Canopy Growth equity losses of $ 0.08 ; excluding Canopy Growth equity losses , achieved comparable basis EPS of $ 3.16 , an increase of 32 % Operating Income Provides fiscal 2021 reported basis EPS outlook of $ 10.30 - $ 10.55 and comparable basis EPS outlook of $ 9.80 - $ 10.05 • Beer depletion growth accelerates ; inventory levels improve driven by organic shipment growth of 28 % • Wine and Spirits Business delivers double - digit higher - end Power Brand growth in IRI channels , outpacing the higher - end of the U.S. Wine and Spirits segment $ 783 193 % $ 835 30 % Navidad Feliz Definitions of reported , comparable , and organic , as well as reconciliations of non - GAAP financial measures , are contained elsewhere in this news release . NA = Not Applicable HIGHLIGHTS Closes the transactions to sell a portion of the Wine and Spirits business to Gallo , including Nobilo ; expects to close Paul Masson Grande Amber Brandy in January 2021 M. Corona Extra Bill Newlands President and Chief Executive Officer " Our business performance accelerated during the quarter despite ongoing headwinds from the pandemic , as we remain obsessed with meeting the needs of our consumers while staying focused on our long - term growth strategy . " COCKTAILS #WORTHREACHING FOR VISIT US ● HIGH WEST OLD FASHIONED -BARRELA FINISHED COCKTAIL ● $ 6.55 254 % $ 3.09 44 % Generates $ 2.4 billion of operating cash flow and $ 1.9 billion of free cash flow , an increase of 14 % and 23 % , respectively • Provides fiscal 2021 operating cash flow target of $ 2.5 - $ 2.7 billion and free cash flow projection of $ 1.7 - $ 1.8 billion NEW • Reduces debt by $ 1.2 billion in first nine months of fiscal 2021 ; fully redeems $ 650 million outstanding senior floating rate notes and additionally announced redemption of $ 500 million outstanding senior notes • Board of Directors authorizes new $ 2 billion share repurchase program ; $ 1.9 billion remaining on existing authorization DISCOVER THE CABERNET SAUVIGNON THAT TASTES LIKE NO OTHER Exhibit 99.1 • Declares quarterly cash dividend of $ 0.75 per share of Class A Common Stock and $ 0.68 per share of Class B Common Stock Company maintains full employment despite pandemic challenges MEIOMI in Diluted EPS Excluding Canopy Modelos ΝΑ ΝΑ $ 3.16 32 % Garth Hankinson Chief Financial Officer Modelo Especial " The finalization of our Wine and Spirits transactions enhances the financial profile of our business and enables further debt reduction so that we can continue to execute our commitment to return $ 5 billion in value to shareholders through dividends and share repurchases through fiscal 2023. "