Constellation Brands (STZ) FY2019 results: revenue $8.1 billion, up 7.1% on the year
Constellation Brands, Inc. (STZ) reported revenue of $8.1 billion for fiscal 2019, the year ended 28 February 2019, up 7.1% on the year before. Net income was $3.4 billion, up 49.2%, and diluted earnings per share $17.57. The figures are the company's own, from the 10-K it filed with the SEC on 23 April 2019.
Revenue
$8.1 billion
+7.1% on the year
FY2012FY2019
Operating margin
29.7%
30.1% a year earlier
FY2012FY2019
Net income
$3.4 billion
+49.2% on the year
FY2012FY2019
Diluted EPS
$17.57
+53.2% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
8,116
7,580
7,321
+7.1%
Cost of revenue
4,036
3,768
3,802
+7.1%
Gross profit
4,080
3,817
3,519
+6.9%
Gross margin
50.3%
50.4%
48.1%
Selling, general and administrative
1,668
1,533
1,392
+8.8%
Operating income
2,412
2,280
2,389
+5.8%
Operating margin
29.7%
30.1%
32.6%
Interest expense
379
334
335
+13.4%
Pre-tax income
4,145
2,338
2,083
+77.3%
Income tax
686
22.7
550
+2,921.6%
Effective tax rate
16.5%
1.0%
26.4%
Net income
3,436
2,303
1,529
+49.2%
Net margin
42.3%
30.4%
20.9%
Diluted EPS
$17.57
$11.47
n/a
+53.2%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
2,246
1,931
1,696
+16.3%
Capital expenditure
886
1,058
907
-16.2%
Free cash flow
1,360
874
789
+55.6%
Free cash flow margin
16.8%
11.5%
10.8%
Cash from investing
-4,832
-1,423
n/a
Cash from financing
2,593
-601
n/a
Depreciation and amortisation
339
300
248
+13.1%
Share-based compensation
64.1
60.9
56.1
+5.3%
Buybacks
504
1,038
1,123
-51.4%
Dividends paid
558
400
315
+39.4%
Diluted shares, weighted
196m
201m
n/a
-2.6%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
12,551
7,975
6,891
+57.4%
Non-controlling interest
286
16.6
n/a
+1,624.1%
Short-term borrowings
n/a
747
606
Debt
13,616
9,440
8,632
+44.2%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
2,778
2,360
2,473
+17.7%
Total liabilities and equity
29,232
20,539
18,602
+42.3%
Fixed assets
5,267
4,790
3,933
+10.0%
Goodwill
8,089
8,083
7,920
+0.1%
Intangible assets
3,198
3,305
3,378
-3.2%
Investments
3,235
672
n/a
+381.2%
Cash and equivalents
93.6
90.3
177
+3.7%
Receivables
847
776
737
+9.1%
Inventory
2,130
2,084
1,955
+2.2%
Other assets
6,372
738
502
+762.9%
Total assets
29,232
20,539
18,602
+42.3%
10-K for the year ended 28 February 2019, filed 23 April 2019: the filing.