Constellation brands reports third quarter fiscal 2020 results

Constellation brands reports third quarter fiscal 2020 results.qtrly reported earnings per share $1.85.qtrly comparable basis eps of $2.14, including canopy growth equity losses of $0.25.excluding canopy growth equity losses, achieved qtrly comparable basis eps of $2.39.qtrly reported net sales $1,999 million, up 1%.sees fy 2020 reported basis eps $0.95 - $1.05.increases fiscal 2020 operating cash flow target to about $2.3 billion.sees fy 2020 comparable basis eps excluding. canopy $9.45 - $9.55.constellation brands - due to gallo deals, a stranded cost reduction plan of $130 million is expected to be realized over fiscal 2021 - 2022 timeframe.constellation brands - $534 million decrease in fair value of canopy investments was recognized for q3 fiscal 2020.sees fy 2020 free cash flow between $1.5 - $1.6 billion.constellation brands - sees fy2020 beer net sales growth of 7 - 8% & operating. income growth of 8 - 9%.sees fy 2020 wine and spirits net sales and operating income decline of 8 - 10%.constellation brands sees fy2020 capex $700 million - $800 million.constellation brands - on jan 7, declared qtrly cash dividend of $0.75 per share of class a common stock and $0.68 per share of class b common stock.constellation brands - revised wine and spirits transaction with e. & j. gallo winery now assumed to close at fy2020 end.
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