Constellation Brands, Inc. (STZ) Presents at 2023 CAGNY Conference (Transcript)

Feb. 26, 2023 5:43 AM ETConstellation Brands, Inc. (STZ)
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Constellation Brands, Inc. (NYSE:STZ) 2023 CAGNY Conference Call February 23, 2023 3:00 PM ET

Company Participants

Bill Newlands - CEO

Conference Call Participants

Dara Mohsenian - Morgan Stanley

Jaime Katz - Morningstar Inc.

Unidentified Analyst

It's a great pleasure to welcome Constellation Brands CEO, Bill Newlands, back to CAGNY this year. Constellation has been a top tier -- has that top-tier track record of growth over the last 10 years and also driving shareholder returns, driven largely by its beer business and also enabled by portfolio edits.

Bill, I'll turn it over to here -- I'll turn it over to you to catch us up on what's going on at Constellation.

Bill Newlands

Great. Thanks, Brian. It's great to be back at CAGNY. The last time I was here was in 2019 prior to the start of the pandemic. So it's great to be back live with all of you.

Before we start, I'd like to review our forward-looking statements and non-GAAP financial measure disclaimers, which can be found on Pages 2 to 4. And if that isn't enough to put you to sleep, nothing will be, but it was all filed this morning with today's presentation. Reconciliations between the most directly comparable GAAP measures and any non-GAAP financial measures discussed today are included in the slides or otherwise available at our company website at Now I believe you have heard from a couple of other beverage companies already, but we are the first from the alcohol beverage industry. So today, I will start with some of our insights into the legal drinking age beverage alcohol consumer and then how that perspective has informed our strategy to consistently deliver growth and value creation.

And I can assure you that despite the skeptical hypotheses that have recently arisen at the

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