Constellation Brands Inc A STZ
Q2 2013 Earnings Call Transcript

Transcript Call Date 10/05/2012

Operator: Good morning. My name is Jackie and I will be your conference operator today. At this time, I would like to welcome everyone to the Constellation Brands' Second Quarter 2013 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Thank you.

I would now like to turn the conference over to Patty Yahn-Urlaub, Vice President of Investor Relations. Please go ahead.

Patty Yahn-Urlaub - VP, IR: Thank you, Jackie. Good morning, everyone, and welcome to Constellation's second quarter fiscal 2013 conference call. I am here this morning with Rob Sands, our President and Chief Executive Officer; and Bob Ryder, our Chief Financial Officer. This call complements our news release which has also been furnished to the SEC.

During this call, we may discuss financial information on a GAAP comparable, organic, and constant currency basis. However, discussions will generally focus on comparable basis financial results. Reconciliations between the most directly comparable GAAP measure and these and other non-GAAP financial measures are included in the news release or otherwise available on the Company's website at

Please also be aware that we may make forward-looking statements during this call. While those statements represent our best estimates and expectations, actual results could differ materially from our estimates and expectations. For a detailed list of risk factors that may impact the Company's estimates, please refer to the news release and Constellation's SEC filings.

Now, I'd like to turn the call over to Rob.

Robert Sands - President and CEO: Thank you, Patty, and good morning, everybody, and welcome to our second quarter call. We've reached the halfway point in the year and I am very pleased with our progress to date as we continue to solidly execute our profitable organic growth strategy throughout our wine, beer and spirits businesses.

We are currently experiencing great marketplace momentum for our outstanding wine and spirits portfolio. This includes excellent performance for our collection of focused brands as well as great consumer response to our new product introductions. On the beer side, the second quarter marks the 10th consecutive quarter that the Crown business has outperformed the U.S. beer industry and the import category.

We remain excited about the prospect of owning 100% of Crown imports as it will enhance our participation in the U.S. beer market, which is one of the most attractive sectors in the beverage alcohol industry. This transaction represents a significant milestone in the history of the Company and the next transformational step in the evolution of our business, as it will solidify our place in the U.S. beer market for the long term.

It will also make Constellation the largest multi-category supplier for beer, wine and spirits, and the third largest total beverage alcohol company in the United States on a volume basis. The deal is progressing as planned and is still expected to close during the first quarter of calendar 2013.

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