Constellation Brands (STZ) FY2018 results: revenue $7.6 billion, up 3.5% on the year
Constellation Brands, Inc. (STZ) reported revenue of $7.6 billion for fiscal 2018, the year ended 28 February 2018, up 3.5% on the year before. Net income was $2.3 billion, up 50.7%, and diluted earnings per share $11.47. The figures are the company's own, from the 10-K it filed with the SEC on 23 April 2019.
Revenue
$7.6 billion
+3.5% on the year
FY2011FY2018
Operating margin
30.1%
32.6% a year earlier
FY2011FY2018
Net income
$2.3 billion
+50.7% on the year
FY2011FY2018
Diluted EPS
$11.47
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
7,580
7,321
7,224
+3.5%
Cost of revenue
3,768
3,802
3,606
-0.9%
Gross profit
3,817
3,519
2,942
+8.5%
Gross margin
50.4%
48.1%
40.7%
Selling, general and administrative
1,533
1,392
1,177
+10.1%
Operating income
2,280
2,389
1,765
-4.6%
Operating margin
30.1%
32.6%
24.4%
Interest expense
334
335
315
-0.2%
Pre-tax income
2,338
2,083
1,501
+12.2%
Income tax
22.7
550
441
-95.9%
Effective tax rate
1.0%
26.4%
29.3%
Net income
2,303
1,529
1,055
+50.7%
Net margin
30.4%
20.9%
14.6%
Diluted EPS
$11.47
n/a
n/a
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
1,931
1,696
1,414
+13.9%
Capital expenditure
1,058
907
891
+16.6%
Free cash flow
874
789
522
+10.8%
Free cash flow margin
11.5%
10.8%
7.2%
Cash from investing
-1,423
n/a
n/a
Cash from financing
-601
n/a
n/a
Depreciation and amortisation
300
248
221
+20.9%
Share-based compensation
60.9
56.1
54.0
+8.6%
Buybacks
1,038
1,123
33.8
-7.5%
Dividends paid
400
315
242
+27.0%
Diluted shares, weighted
201m
n/a
n/a
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
7,975
6,891
6,560
+15.7%
Non-controlling interest
16.6
n/a
132
Short-term borrowings
747
606
n/a
+23.1%
Debt
9,440
8,632
7,673
+9.4%
Other liabilities
2,360
2,473
2,600
-4.6%
Total liabilities and equity
20,539
18,602
16,965
+10.4%
Fixed assets
4,790
3,933
3,333
+21.8%
Goodwill
8,083
7,920
7,139
+2.1%
Intangible assets
3,305
3,378
3,404
-2.2%
Investments
672
n/a
n/a
Cash and equivalents
90.3
177
83.1
-49.1%
Receivables
776
737
732
+5.3%
Inventory
2,084
1,955
1,852
+6.6%
Other assets
738
502
422
+47.1%
Total assets
20,539
18,602
16,965
+10.4%
10-K for the year ended 28 February 2018, filed 23 April 2019: the filing.