Constellation Brands sees FY23 comparable EPS $11.00-$11.20

Consensus $10.94. Fiscal 2023 Guidance Assumptions: Beer net sales growth 9%-10%; operating income growth 4%-5%. Wine and Spirits: organic net sales decline 0%-2% and operating income growth of 3%-5%, excluding $44M of net sales and $26M of gross profit less marketing that are no longer part of the Wine and Spirits Business results. Interest expense: approximately $390M-$400M. Tax rate: reported approximately 74%; comparable excluding Canopy equity earning impact approximately 20%.Weighted average diluted shares outstanding: approximately 186.5M. Operating cash flow: $2.6B-$2.8B. Capital expenditures $1.1B-$1.2B, including approximately $1B targeted for Mexico beer operations expansion, optimization, and/or construction activities. Free cash flow: $1.5B-$1.6B