Constellation Brands Inc. (NYSE:STZ) Q3 2019 Earnings Conference Call Transcript

Jan 09, 2019 • 10:30 am ET


Constellation Brands Inc. (NYSE:STZ) Q3 2019 Earnings Conference Call Transcript


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Welcome to the Constellation Brands' Third Quarter 2019 Earnings Conference Call. At this time, all participants have been placed in a listen-only mode. Following the prepared remarks, the call will be opened for your questions and instructions will be given at that time.

I will now turn the call over to Patty Yahn-Urlaub, Senior Vice President of Investor Relations. Please go ahead.

Patty Yahn-Urlaub

Thanks, Brian. Good morning and welcome to Constellation's third quarter fiscal 2019 conference call. I am here this morning with Rob Sands, our CEO; Bill Newlands, our President and COO; and David Klein our CFO.

As a reminder, reconciliations between the most directly comparable GAAP measure and any non-GAAP financial measures discussed on this call are included in our news release or otherwise available on the company's website at Please refer to the news release and Constellation's SEC filings for risk factors, which may impact forward-looking statements that we make on this call.

Before turning the call over to Rob, similar to prior quarters, I would like to ask that we limit everyone to one question per person, which will help us to end our call on time. Thanks in advance. And now, here's Rob.

Rob Sands

Thank you, Patty. And good morning and Happy New Year to everyone. I hope you would enjoyed the holidays, and I got the chance to enjoy some of our fine products during the Holiday season. As a reflect on 2018, I'm reminded that I'm very fortunate to be part of the exciting dynamic and ever changing beverage alcohol industry. I'm also proud of the fact that Constellation continues to be one of the best growth stories in the industry, led by our remarkable high-end beer business, which is generating double-digit top and bottom line growth.

Overall, our business is strong and has excellent prospects for the future -- and for future growth and that's why I believe it's the right time to hand over my CEO responsibilities to Bill Newlands. While, I assume the role of Executive Chair at the beginning of our next fiscal year on March 1. Bill have an excellent understanding and appreciation for the values and strategy that have made Constellation Brands' one of the top performing, S&P 500 companies over the last decade.

Since joining Constellation in 2015, Bill has made a significant impact on our company, as he's assumed increasing levels of responsibility, finding ways to leverage our unique capabilities as a leader in total beverage, alcohol and reinvigorating our innovation engine. The company is in good hands with Bill at the helm and I look forward to continuing to collaborate on key strategic initiatives, as I transition to my position as Executive Chair. As such, Bill will be taking the lead with David and the IR team on all future investment calls -- investor calls and meetings.

Over the years, I've valued and appreciated the ideas, suggestions and feedback I've received from the investment community, and I'd like to thank you for your ongoing support. I'd