Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Constellation Brands Inc., consolidated income statement (quarterly data)

US$ in thousands

3 months ended:	Nov 30, 2022	Aug 31, 2022	May 31, 2022	Feb 28, 2022	Nov 30, 2021	Aug 31, 2021	May 31, 2021	Feb 28, 2021	Nov 30, 2020	Aug 31, 2020	May 31, 2020	Feb 29, 2020	Nov 30, 2019	Aug 31, 2019	May 31, 2019	Feb 28, 2019	Nov 30, 2018	Aug 31, 2018	May 31, 2018	Feb 28, 2018	Nov 30, 2017	Aug 31, 2017	May 31, 2017	Feb 28, 2017	Nov 30, 2016	Aug 31, 2016	May 31, 2016
Sales	2,624,600)	2,864,300)	2,540,700)	2,268,800)	2,507,000)	2,565,000)	2,188,300)	2,120,600)	2,643,700)	2,459,700)	2,131,700)	2,075,600)	2,181,500)	2,573,400)	2,282,500)	1,968,000)	2,160,600)	2,525,700)	2,230,000)	1,935,400)	1,978,900)	2,297,200)	2,115,300)	1,793,100)	1,992,700)	2,222,800)	2,053,000)
Excise taxes	(188,100)	(209,200)	(177,500)	(166,300)	(186,400)	(193,900)	(161,800)	(167,600)	(205,600)	(199,300)	(168,300)	(172,700)	(182,100)	(229,400)	(185,300)	(170,800)	(188,000)	(226,600)	(182,900)	(169,500)	(179,800)	(212,700)	(179,800)	(165,100)	(182,200)	(201,600)	(181,200)
Net sales	2,436,500)	2,655,100)	2,363,200)	2,102,500)	2,320,600)	2,371,100)	2,026,500)	1,953,000)	2,438,100)	2,260,400)	1,963,400)	1,902,900)	1,999,400)	2,344,000)	2,097,200)	1,797,200)	1,972,600)	2,299,100)	2,047,100)	1,765,900)	1,799,100)	2,084,500)	1,935,500)	1,628,000)	1,810,500)	2,021,200)	1,871,800)
Cost of product sold	(1,209,600)	(1,329,200)	(1,108,200)	(969,900)	(1,094,900)	(1,141,400)	(907,200)	(959,300)	(1,169,900)	(1,044,600)	(975,100)	(953,100)	(1,011,900)	(1,158,100)	(1,068,500)	(903,700)	(1,002,600)	(1,130,900)	(998,500)	(916,800)	(891,600)	(1,019,200)	(940,200)	(840,300)	(919,100)	(1,052,200)	(990,500)
Gross profit	1,226,900)	1,325,900)	1,255,000)	1,132,600)	1,225,700)	1,229,700)	1,119,300)	993,700)	1,268,200)	1,215,800)	988,300)	949,800)	987,500)	1,185,900)	1,028,700)	893,500)	970,000)	1,168,200)	1,048,600)	849,100)	907,500)	1,065,300)	995,300)	787,700)	891,400)	969,000)	881,300)
Selling, general, and administrative expenses	(480,200)	(512,800)	(438,600)	(456,800)	(385,800)	(490,500)	(378,300)	(448,900)	(463,800)	(399,100)	(353,300)	(370,100)	(406,300)	(439,400)	(406,000)	(428,200)	(413,500)	(403,200)	(423,200)	(333,400)	(420,700)	(351,400)	(427,200)	(348,300)	(357,400)	(358,100)	(328,600)
Impairment of brewery construction in progress	—)	—)	—)	—)	—)	—)	(665,900)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Impairment of assets held for sale	—)	—)	—)	—)	—)	—)	—)	—)	(21,000)	22,000)	(25,000)	(32,700)	(390,000)	(27,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Gain (loss) on sale of business	—)	—)	—)	1,700)	—)	—)	—)	14,500)	(300)	—)	—)	(1,900)	76,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	262,400)	—)	—)	—)
Operating income	746,700)	813,100)	816,400)	677,500)	839,900)	739,200)	75,100)	559,300)	783,100)	838,700)	610,000)	545,100)	267,200)	719,500)	622,700)	465,300)	556,500)	765,000)	625,400)	515,700)	486,800)	713,900)	568,100)	701,800)	534,000)	610,900)	552,700)
Income (loss) from unconsolidated investments	(37,200)	(1,719,100)	(187,900)	(93,700)	(171,800)	(470,800)	(899,200)	19,800)	782,400)	(80,700)	(571,200)	43,200)	(456,500)	(1,324,700)	(930,600)	1,183,400)	(134,600)	688,400)	364,400)	237,500)	249,100)	200)	400)	(900)	27,500)	—)	700)
Interest expense	(98,700)	(94,300)	(88,500)	(85,900)	(88,000)	(95,800)	(86,700)	(89,800)	(95,700)	(100,200)	(100,000)	(99,400)	(103,100)	(111,600)	(114,600)	(118,500)	(72,800)	(88,000)	(87,800)	(86,900)	(81,400)	(81,300)	(82,400)	(77,000)	(77,600)	(94,100)	(84,600)
Loss on extinguishment of debt	—)	(8,000)	(15,300)	—)	—)	(29,400)	—)	(4,000)	(1,200)	(600)	(7,000)	—)	—)	(2,400)	—)	—)	(1,700)	—)	—)	(77,900)	(10,300)	(2,100)	(6,700)	—)	—)	—)	—)
Income (loss) before income taxes	610,800)	(1,008,300)	524,700)	497,900)	580,100)	143,200)	(910,800)	485,300)	1,468,600)	657,200)	(68,200)	488,900)	(292,400)	(719,200)	(422,500)	1,530,200)	347,400)	1,365,400)	902,000)	588,400)	644,200)	630,700)	479,400)	623,900)	483,900)	516,800)	468,800)
(Provision for) benefit from income taxes	(131,100)	(132,400)	(125,400)	(92,300)	(99,300)	(131,300)	13,500)	(94,700)	(176,600)	(135,400)	(104,400)	(79,900)	658,900)	202,200)	185,400)	(280,800)	(35,300)	(214,100)	(155,700)	340,400)	(149,500)	(128,700)	(74,100)	(162,000)	(78,900)	(163,600)	(149,700)
Net income (loss)	479,700)	(1,140,700)	399,300)	405,600)	480,800)	11,900)	(897,300)	390,600)	1,292,000)	521,800)	(172,600)	409,000)	366,500)	(517,000)	(237,100)	1,249,400)	312,100)	1,151,300)	746,300)	928,800)	494,700)	502,000)	405,300)	461,900)	405,000)	353,200)	319,100)
Net (income) loss attributable to noncontrolling interests	(12,000)	(10,500)	(9,800)	(10,200)	(10,000)	(10,400)	(10,800)	(7,700)	(11,100)	(9,700)	(5,300)	(10,600)	(6,100)	(8,200)	(8,300)	(9,900)	(9,000)	(1,800)	(2,500)	(3,300)	(3,600)	(2,500)	(2,500)	(9,900)	900)	5,700)	(800)
Net income (loss) attributable to CBI	467,700)	(1,151,200)	389,500)	395,400)	470,800)	1,500)	(908,100)	382,900)	1,280,900)	512,100)	(177,900)	398,400)	360,400)	(525,200)	(245,400)	1,239,500)	303,100)	1,149,500)	743,800)	925,500)	491,100)	499,500)	402,800)	452,000)	405,900)	358,900)	318,300)

Sales Trend: Sales generally exhibit a pattern of quarterly fluctuations with peaks typically occurring in the third quarter of each fiscal year. From May 2016 through November 2022, sales increased overall, starting at approximately $2.05 billion and reaching around $2.62 billion by the latest period. Notable upswings are seen in mid-2018, 2019, and 2020, followed by some volatility in subsequent quarters, but the long-term trend is upward.
Excise Taxes: Excise taxes consistently move in correlation with sales, reflecting their dependency on sales volumes. The tax amounts fluctuate between approximately -$165 million and -$230 million across periods. There is a tendency for the tax burden to rise in quarters with higher sales, particularly in the latter years, indicating a stable excise tax rate relative to sales.
Net Sales: Net sales closely mirror the gross sales trend, reflecting the impact of excise taxes. Net sales rose from about $1.87 billion in mid-2016 to a peak exceeding $2.65 billion in late 2022. Despite regular quarterly fluctuations, net sales show growth over the examined period, with notable peaks around mid to late years and some dips during early quarters.
Cost of Product Sold (COGS): The cost of products sold maintains a generally proportional relationship with net sales, increasing over time from about $990 million to over $1.2 billion. Although the COGS fluctuates quarterly, it exhibits consistent periodic increases aligned with sales volume growth, suggesting stable cost management relative to scale. The highest quarterly costs appear during peak sales periods, indicating variable cost behavior.
Gross Profit: Gross profit follows the sales trend but shows some variability in margin consistency. Starting at approximately $881 million in mid-2016, gross profit peaked over $1.3 billion in late 2022. Margins improved during mid and late 2018 through 2020, but some quarters reflect a decline or plateau, indicating dynamic cost pressures or pricing strategies. Overall, gross profit has increased in line with sales growth.
Selling, General, and Administrative Expenses (SG&A): SG&A expenses hover between $328 million and $512 million quarterly with observable seasonal irregularities. There are spikes in SG&A notably in the third quarter of 2017 and late 2022, possibly reflecting investments in marketing or administration. Expenses do not consistently track sales, indicating discretionary cost components and potential operational leverage or fluctuations in spending.
Impairments and Other Non-Recurring Items: Significant impairments appear in a few quarters, such as a -$665.9 million brewery construction impairment and several asset impairments mostly around late 2018 and 2019, indicating non-recurring charges impacting earnings during these periods. Gains and losses on sales of business occurred sporadically, with a large gain of $262.4 million in late 2016, which temporarily increased reported operating income.
Operating Income: Operating income displays a generally upward trend with significant volatility, ranging from a low around $267 million to highs near $839 million. Notable dips occur in early 2020, possibly due to non-recurring impairments and pandemic-related operational impacts. The recovery and subsequent growth suggest resilience and strong operational performance in recent quarters.
Income from Unconsolidated Investments: Income from unconsolidated investments fluctuates extensively, with periods of substantial income followed by sharp losses, notably a large negative impact in late 2019 and significant losses in 2020. These swings introduce volatility into total earnings and indicate the risk exposure from equity investments.
Interest Expense and Debt Extinguishment: Interest expense remains relatively stable, varying modestly around $77 million to $98 million per quarter. Losses on debt extinguishment appear intermittently, indicating occasional refinancing or debt restructuring, with some large charges in late 2019 and 2020 quarters, impacting net income in those periods.
Income Before Taxes and Net Income: Income before taxes shows a strong correlation with operating income but with higher volatility due to the effect of investment income/losses and non-recurring items. Income before taxes peaks notably in late 2018 and early 2019, but also experiences large negative swings such as in mid-2019 and mid-2021. Net income follows this pattern, with positive results generally above $300 million but with substantial losses in some quarters (notably mid-2019 and mid-2021). Tax provisions also fluctuate widely, at times reflecting benefits (negative provisions) in quarters aligned with losses, smoothing net income outcomes.
Net Income Attributable to CBI: Net income attributable to the company aligns closely with overall net income trends. There is consistent profitability most quarters, with peaks exceeding $1.2 billion in late 2020 and low points including significant losses in mid-2019 and during the pandemic year 2020-2021. These patterns suggest the company's profitability is somewhat affected by volatile investment results and impairment charges but remains fundamentally strong across most periods.

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Constellation Brands Inc. (NYSE:STZ)

Income Statement Quarterly Data

Income Statement
Quarterly Data