Takes impairment of 1.5-2.5 billion dollars (Il Sole 24 Ore Radiocor) - New York, 03 Sep - Constellation Brands cut its earnings outlook to take account of a goodwill impairment in its Wine and Spirits operations as negative trends continued in its US wholesale market.

The company, which makes beer, wine and spirits, said it expects earnings per share for fiscal year 2025 to be 3.05-7.92 dollars compared to a previous guidance of 14.63-14.93.

The company said the cut was due to a non-cash goodwill impairment loss for the Wine and Spirits business of approximately 1.5-2.5 billion dollars for its second quarter fiscal 2025 results.

It said on a comparable basis, it expected EPS to be 13.60-13.80 dollars from a previous 13.50-13.80 Constellation also cut its sales growth outlook for its Enterprise business to 4-6% for the fiscal year compared to a previous 6-7%.

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(RADIOCOR) 03-09-24 16:32:27 (0403) 5 NNNN