Constellation Brands Inc A STZ
Q3 2013 Earnings Call Transcript

Transcript Call Date 01/09/2013

Operator: Good morning. My name is Maria and I will be your conference operator today. At this time, I would like to welcome everyone to the Constellation Brands' Third 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.

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, Maria. Good morning, everyone and welcome to Constellation's third quarter fiscal 2013 conference call. I'm 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 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. Good morning and Happy New Year. I hope you had a great holiday and the opportunity to enjoy some of our fine beverages throughout the season. Now, before we get started, I would like to note that we are particularly proud of the fact that Constellation's stock ended the calendar year on a high note as the best performing S&P 500 consumer staple stock of 2012, increasing more than 70% for the year. We believe that much of this stock price performance has been driven by the exciting opportunity we have to obtain 100% ownership of Crown Imports.

The completion of this transaction will represent the next significant milestone in our Company's history and we'll solidify Constellation's position as the largest volume based U.S. multi-category supplier across the beverage alcohol segment. The deal is progressing as planned and we continue to expect closure during the first quarter of calendar 2013. I have nothing further to add at this point, including speculation or comments relating to transaction scenarios that are different from what we have already communicated.

Now I would like to focus our discussion on Constellation's third quarter, fiscal 2013 sales and earnings results. This year is unfolding as expected, as we continue to execute in achieving our overall strategic and financial goals across our beer, wine and spirits businesses.

On a year-to-date basis through the third quarter, we gained market share for our Canadian wine business, as well as our U.S. wine and spirit businesses collectively across all channels, posting solid depletion trends, while maintaining excellent marketplace momentum, particularly for our collection of focused brands.

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