Constellation Brands updates FY2025 outlook, expects $1.5B-$2.5B Wine & Spirits goodwill impairment

CONSTELLATION BRANDS, INC.

Updated FY2025 comparable EPS guidance $13.60-$13.80, raised lower end; reported EPS $3.05-$7.92 includes impairment.
Non-cash goodwill impairment loss of $1.5B-$2.5B for Wine & Spirits segment in Q2 FY2025.
Beer net sales growth revised to 6%-8% (from 7%-9%); operating income growth raised to 11%-12% (from 10%-12%).
Wine & Spirits net sales decline guidance widened to (6%)-(4%) from (0.5%)-0.5%; operating income decline (18%)-(16%).
Management cites macroeconomic headwinds (unemployment) and inventory destocking; maintains ~3.0x net leverage target.

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