BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
News: stock, crypto, macro, education
Constellation Brands Fiscal Year 2024 Financial Performance and Outlook for 2025
Fiscal Year 2024 Financial Overview: Constellation Brands has reported strong financial outcomes for the fiscal year 2024, significantly surpassing its original earnings projections due to the robust performance of its Beer Business. Here are the key financial highlights:
- Reported Earnings Per Share (EPS): The company achieved a reported EPS of $9.39.
- Comparable EPS: The comparable EPS stood at $12.06, which increases to $12.38 when excluding Canopy EIE (Equity in Earnings).
- Net Sales and Operating Income: Constellation Brands recorded net sales of $9,962 million and an operating income of $3,246 million.
- Operating Cash Flow: The company generated $2.8 billion in operating cash flow, marking a 1% increase year-over-year.
- Free Cash Flow: Free cash flow was reported at $1.5 billion, reflecting a 12% decrease due to significant investments in brewery capacity.
Segment Performance:
- Beer Business:
- Achieved 14 consecutive years of volume growth.
- Net sales and operating income for the segment grew over 9% and 8%, respectively.
- Notable brands like Modelo Especial and Corona Extra saw significant market share gains.
- Wine and Spirits Business:
- Faced challenging market conditions, aligning with a lowered outlook for fiscal 2024.
- Operating margin decreased by 60 basis points to 22.2%.
Fiscal Year 2025 Financial Outlook: Looking ahead to fiscal year 2025, Constellation Brands remains optimistic about its growth trajectory, particularly in its Beer Business. The company has laid out the following projections:
-
EPS Guidance:
- Reported EPS is expected to range between $13.40 and $13.70.
- Comparable EPS is projected to be between $13.50 and $13.80.
-
Net Sales and Operating Income:
- Beer segment is anticipated to continue robust growth with net sales expected to rise by 7-9%.
- Wine and Spirits are expected to see a modest rebound, with a projected net sales growth of 0.5% at best.
-
Cash Flow and Capital Expenditures:
- Operating cash flow is targeted between $2.8 billion and $3.0 billion.
- Planned capital expenditures amount to $1.4-1.5 billion, with significant investments continuing in Mexico's beer operations.
Capital Allocation and Shareholder Returns: Constellation Brands plans to maintain its disciplined approach to capital allocation. This includes reducing its net leverage ratio, returning over $900 million to shareholders through dividends and share repurchases, and continuing strategic investments in its core business segments.
Quarterly Dividend Update: The board of directors declared a quarterly cash dividend of $1.01 per share of Class A Common Stock, payable on May 17, 2024, to shareholders of record as of May 3, 2024.
As it moves into fiscal 2025, Constellation Brands is focused on leveraging its strong market position and product portfolio to generate further growth and enhance shareholder value.
More articles
BlackRock Q3 2024 Earnings: AUM Reaches New Heights Amid Strong Inflows
Wells Fargo Q3 2024 Earnings Report: Profit Declines Amid Lower Interest Income, Investment Banking Offers Support
Wells Fargo & Co. announced its third-quarter 2024 financial results, revealing mixed performance. The bank's net income dropped by 11.3% year-over-year to $5.11 billion, while revenue fell 2% to $20.37 billion. This decline in revenue was driven primarily by an 11% drop in net interest income, which came in at $11.69 billion. Higher funding costs and customer movement towards higher-yielding deposits were key factors contributing to the lower interest income.
JPMorgan Chase Reports Strong Q3 2024 Results, Beating Expectations
JPMorgan Chase & Co. has once again exceeded market expectations with its third-quarter 2024 earnings report, delivering robust results. The bank reported a net income of $12.9 billion, a slight decrease from $13.1 billion in the same period last year. However, earnings per share (EPS) rose to $4.37, outperforming analysts' expectations of $4.01. This represented a 1% increase in EPS year-over-year, despite the minor decline in net income.
DOJ Pushes to Break Up Google as Antitrust Battle Heats Up
The U.S. Department of Justice (DOJ) has intensified its efforts against Google in a landmark antitrust case, marking a potential turning point for Big Tech regulation. This week, the DOJ revealed it is seriously considering drastic remedies to curb Google's dominance, including breaking up the tech giant's key business units such as Chrome and Android. This follows an August 2024 ruling that found Google had been illegally maintaining a monopoly over internet search and advertising.
PepsiCo Q3 2024 Earnings Report: Revenue Miss and Revised Growth Outlook
PepsiCo has announced its third-quarter earnings for 2024, revealing a mixed performance. The company reported a decline in overall revenue but managed to beat profit expectations, demonstrating resilience in several key segments despite global challenges. Here's a detailed breakdown of the report.
McCormick Reports Strong Q3 2024 Results and Raises Full-Year Outlook
McCormick & Co., a global leader in spices and flavor solutions, delivered better-than-expected Q3 2024 earnings, driving a 5% increase in its stock price. The company reported revenue of $1.68 billion, which remained flat compared to the same quarter last year but surpassed market expectations. The earnings per share (EPS) increased by 32% to $0.83, well above analysts' estimates of $0.67, reflecting strong operational performance and cost control efforts.
Paychex Reports Strong Q1 2025 Earnings with 3% Revenue Growth
Paychex, Inc. (NASDAQ: PAYX) kicked off its fiscal year 2025 with solid Q1 earnings, posting a 3% year-over-year increase in revenue, reaching $1.32 billion. The payroll and human resource services giant also delivered adjusted earnings per share (EPS) of $1.16, slightly above the consensus estimate of $1.14. This growth was primarily driven by the company's strong performance in Human Capital Management (HCM) solutions and Professional Employer Organization (PEO) services.
Nike Q1 2025 Earnings: Revenue Decline Amid Market Challenges
Nike, Inc. reported its Q1 2025 fiscal earnings on October 1, revealing a 10% decline in revenue to $11.6 billion, down from $12.9 billion in the same period last year. This drop is attributed to weakening demand across major markets, notably in North America, where revenue fell by 11%, and Europe, the Middle East, and Africa, which saw a 13% decline. Greater China also posted a 4% drop in sales.
Carnival Corporation Reports Record Q3 2024 Earnings: Revenue, Net Income, and Future Outlook
Carnival Corporation, the world's leading cruise operator, posted impressive financial results for the third quarter of 2024, breaking several records and surpassing market expectations. With revenue reaching an all-time high of $7.9 billion, a 15% increase year-over-year, Carnival demonstrated a strong recovery and continued growth in the cruise industry. This financial achievement exceeded the expected $7.83 billion forecast, signaling robust consumer demand for cruises despite inflationary pressures.
Alibaba's Recent Surge and Key Developments in Late September 2024
In the final week of September 2024, Alibaba's stock surged over 20%, reaching its highest point in a year. This impressive growth stems from a combination of strategic innovations, favorable regulatory changes, and broader economic support in China.
