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Constellation Brands (NYSE: STZ) is a leading international producer and marketer of beer, wine, and spirits operating in the U.S., Mexico, New Zealand, and Italy. The company's mission is to build beloved brands that enhance human connections. With iconic imported beer brands like Corona, fine wine and craft spirits offerings, sustainability-focused operations, and a commitment to responsible consumption, Constellation Brands is dedicated to creating a future Worth Reaching For.
Constellation Brands (NYSE: STZ) announced that James A. Locke III will retire from its Board of Directors at the end of his current term, not seeking re-election at the Annual Shareholders Meeting in July 2023. Locke's retirement follows nearly 50 years of support for the company, with 40 years as a board member, providing expertise in corporate law and governance. He played a crucial role during key transformations, including major acquisitions that shaped the company's beverage alcohol portfolio. His departure raises questions about potential leadership continuity as the company transitions to new board leadership roles.
Constellation Brands (NYSE: STZ) released its third quarter fiscal 2023 financial results on January 5, 2023. The company is recognized as a leading player in the beverage alcohol sector, emphasizing high-quality brands like Corona and The Prisoner Wine Company. A conference call to discuss the results will take place on January 5, 2023, at 10:30 a.m. ET. Investors can access detailed financial tables and analysis through a provided link.
Constellation Brands (NYSE: STZ) will release its financial results for the third quarter ending November 30, 2022, on January 5, 2023, prior to U.S. market opening. A conference call hosted by CEO Bill Newlands and CFO Garth Hankinson is scheduled for 10:30 a.m. ET on the same day. The call will cover financial results and future outlook, accessible via phone and a live webcast on the company’s investor relations site. Investors can expect insights into earnings, revenue, and management's guidance during this discussion.
Constellation Brands (NYSE: STZ) announced that Garth Hankinson, EVP and CFO, will present at the 2022 Morgan Stanley Global Consumer and Retail Conference on December 6, 2022, at 10:15 a.m. ET in New York. The presentation will cover the company's business strategies, financial metrics, and future outlook. A live webcast will be available on the investor relations website, with a replay accessible until January 11, 2023.
Constellation Brands is a prominent beverage alcohol company, highly recognized for its beer, wine, and spirits.
Constellation Brands (NYSE: STZ) has completed its reclassification transaction, eliminating Class B Common Stock and transitioning to solely Class A Common Stock. Trading of Class B shares ceased on November 10, 2022. The transaction involved a cash distribution of approximately $1.5 billion to Class B shareholders at $64.64 per share, financed via a delayed draw term loan and commercial paper. This will incur annual interest expenses of $80 - $90 million, contributing to an expected total interest expense of $390 - $400 million for fiscal 2023. The retirement of Robert and Richard Sands is anticipated to yield $15 - $20 million in annual compensation savings.
Constellation Brands (NYSE: STZ, STZ-B) announced that stockholders approved an amended charter eliminating Class B Common Stock. Approximately 75% of Class A shares voted in favor during a special meeting. With this amendment, the company will operate solely under Class A shares, ensuring one vote per share. This change, expected to conclude on November 10, 2022, aims to enhance corporate governance and align voting rights with economic interests. Additionally, several governance enhancements will take effect, including board composition changes and the transition to a majority vote standard for director elections.
Constellation Brands announces a consolidation of its U.S. cannabis assets under a new entity, Canopy USA. This move allows for full ownership of U.S. cannabis investments and aims to capitalize on market opportunities. Constellation will transition its common shares in Canopy Growth to non-voting, exchangeable shares, preserving shareholder value. This simplifies Constellation's focus on its core beer, wine, and spirits businesses and eliminates the impact of Canopy's financial performance on its results. Shareholder approval is pending for necessary amendments.
Constellation Brands (NYSE: STZ and STZ.B) announced its second quarter fiscal 2023 financial results on October 6, 2022. The company is a leader in the beverage alcohol sector, known for brands like Corona and Modelo. A conference call with CEO Bill Newlands and CFO Garth Hankinson will be held to discuss these results and outlook. Constellation aims to deliver growth through a strong product portfolio and commitment to innovation.
Constellation Brands (NYSE: STZ and STZ.B) announced a deal to divest a portion of its wine portfolio to The Wine Group. This includes brands like Cooper & Thief and Charles Smith Wines. The transaction is expected to close today, indicating Constellation's strategic shift towards premium and fine wines while divesting mainstream brands. Executive Robert Hanson emphasized the focus on consumer preferences and premiumization trends. This shift aims to enhance growth and shareholder value, with a streamlined portfolio of strong brands remaining.
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