=Constellation Brands (STZ) reported earnings on Fri 29 June 18 (b/o)

Constellation Brands misses by $0.24, reports revs in-line; reaffirms FY19 guidance 

• Reports Q1 (May) earnings of $2.20 per share, excluding non-recurring items, $0.24 worse thanthe Capital IQ Consensus of $2.44; revenues (excluding excise taxes) rose 6.1% year/year to $2.05 bln vs the $2.05 bln Capital IQ Consensus.
• Co reaffirms guidance for FY19, sees EPS of $9.40-9.70, excluding non-recurring items, vs. $9.72 Capital IQ Consensus Estimate. For fiscal 2019, the beer business is targeting net sales and operating income growth to be in the range of 9 - 11 percent. For the wine and spirits business, the company expects net sales and operating income growth to be in the range of 2 - 4 percent (reaffirmed from prior guidance). Affirms fiscal 2019 operating cash flow target of approximately $2.45 billion and free cash flow projection of $1.2 - $1.3 billion.