Constellation Brands sees 2024 comparable EPS $11.70-$12.00, consensus $11.68

Consensus $11.68. Fiscal 2024 Guidance Assumptions: Beer: net sales growth 7 – 9%; operating income growth 5 – 7%; Wine and Spirits: organic net sales decline 0.5% to growth of 0.5%; operating income growth 2 – 4%, excluding $38.5 million of net sales and $19.5 million of gross profit less marketing that are no longer part of the Wine and Spirits Business results; Corporate expense: $270 million; Interest expense: $500 million; Tax rate: reported and comparable excluding Canopy equity earnings impact approximately 19%; Weighted average diluted shares outstanding: approximately 184 million; Operating cash flow: $2.4 -$2.6 billion; Capital expenditures: $1.2 – $1.3 billion, including approximately $1 billion targeted for Mexico beer operations activities; Free cash flow: $1.2 – $1.3 billion.