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Constellation Brands Updates Fiscal 2022 EPS Guidance driven by Strong Core Beer Business Results and Ongoing Share Repurchase Activity SECOND QUARTER FISCAL YEAR 2022 RESULTS OCTOBER 6 , 2021 Net Sales ( 1 ) Second Quarter Fiscal Year 2022 Financial Highlights | In millions , except per share data Reported ΝΑ $ 2,371 5 % % Change Comparable % Change ( 1 ) • Wine and Spirits Business delivers strong , organic net sales growth driven by solid performance from The Prisoner Brand Family , Kim Crawford , and Meiomi ΜΕΊΟΜΙΚ Official Wine of the PGA TOUR $ 2,371 5 % CHAMPION OF FLAVOR SHOP NOW • Generates $ 1.5 billion of operating cash flow , an increase of 6 % , and $ 1.2 billion of free cash flow • Fully redeems outstanding 2.70 % Senior Notes and 2.65 % Senior Notes due in 2022 Operating Income $ 739 ( 12 % ) $ 730 ( 8 % ) Corona Corono Corone Extre PREMIER 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 • Generates reported basis EPS of $ 0.01 and comparable basis EPS of $ 2.38 , including Canopy equity losses of $ 0.13 ; excluding Canopy equity losses , achieved comparable basis EPS of $ 2.52 • Beer Business delivers double - digit net sales growth driven by the continued strength of Modelo Especial and Corona Extra LIVE THE GAMEDAY GOOD LIFE Bill Newlands President and Chief Executive Officer " The strong performance of our core Beer Business , driven by robust consumer demand for our iconic brands , gives us confidence to increase our guidance for the year . " Constellation Brands , Inc. Q2 FY2022 Earnings Release Earnings Before Interest & Taxes ( EBIT ) #WORTHREACHING FOR VISIT US ΝΑ $ 699 ( 8 % ) Diluted Net Income ( Loss ) Per Share Attributable to CBI ( EPS ) $ 0.01 ( 100 % ) $ 2.38 ( 14 % ) Updates fiscal 2022 reported basis EPS outlook to $ 0.30 - $ 0.60 ; increases comparable basis EPS outlook to $ 10.15 - $ 10.45 ; guidance includes shares repurchased through September only • Affirms fiscal 2022 operating cash flow target of $ 2.4 - $ 2.6 billion and free cash flow projection of $ 1.4 - $ 1.5 billion Modelos Modelos Modelo UFC Diluted EPS Excluding Canopy • Repurchases 6.2 million shares of common stock for $ 1.4 billion through September of fiscal 2022 • Declares quarterly cash dividend of $ 0.76 per share of Class A Common Stock and $ 0.69 per share of Class B Common Stock GIMADE Wine ΝΑ ΝΑ $ 2.52 ( 13 % ) GOODNESS FROM Garth Hankinson Chief Financial Officer -Grit NOT EXCUSES -hrnfelle Simi SIMI Printing out wi C " We executed a significant number of share repurchases during the second quarter as we believe our stock is undervalued at current levels . This represents progress toward achieving our goal of returning $ 5 billion in value to shareholders through dividends and share repurchases . " #WORTHREACHING FOR 1