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CONSTELLATION BRANDS, INC. [STZ-B], a leading beverage alcohol company, has announced its financial results for the quarter ended August 31, 2023. The company reported a net income of $690.0 million, reflecting a significant improvement compared to a net loss of $1,018.2 million in the same quarter last year. Additionally, the company achieved quarterly revenue of $2,836.8 million, representing steady growth in its top line.
Constellation Brands demonstrated a strong financial performance during the quarter. The company's operating income reached $978.7 million, highlighting its ability to effectively manage costs and drive profitability. The solid gross profit of $1,449.9 million further showcases the company's successful revenue generation and cost management strategies. These results demonstrate Constellation Brands' resilience and ability to adapt to changing market conditions.
The company experienced continued revenue growth during the quarter, with net sales reaching $2,836.8 million, a 6.0% increase compared to the same quarter last year. This growth can be attributed to robust consumer demand for the company's high-quality beverage alcohol products and successful marketing initiatives. Constellation Brands' strong brand portfolio, which includes popular brands such as Corona, Modelo, and Kim Crawford, continues to resonate with consumers and drive organic revenue growth.
Constellation Brands maintains a solid financial position, with total assets of $24,930.0 million and total stockholders' equity of $9,724.0 million as of August 31, 2023. The company's current assets of $3,434.3 million, including cash and cash equivalents of $83.3 million, provide ample liquidity to support its operations and future growth initiatives. Additionally, the company has effectively managed its long-term debt, with a current liability of $10,680.8 million, demonstrating its commitment to maintaining a strong balance sheet.
Basic earnings per share attributable to CBI for the quarter stood at $3.76, compared to a loss per share of $6.30 in the same period last year. Meanwhile, diluted earnings per share reached $3.74, reflecting an improvement compared to a loss per share of $6.30 in the previous year. These results highlight the company's ability to generate strong earnings and create value for its shareholders.
Looking ahead, Constellation Brands remains focused on executing its long-term growth strategy. The company plans to continue investing in its brand portfolio, innovation pipeline, and distribution capabilities to capture market opportunities and drive sustainable revenue growth. Additionally, Constellation Brands will maintain its commitment to operational excellence and cost management to support its profitability objectives. The company's strong financial position and resilient business model position it well for future success.
Constellation Brands' quarterly financial results reflect its ability to navigate through challenging market conditions and deliver strong performance. The company's focus on brand building, innovation, and operational excellence has driven revenue growth and improved profitability. With a solid balance sheet and compelling growth opportunities, Constellation Brands is well-positioned to capitalize on evolving consumer trends and deliver long-term value to its shareholders.