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Constellation Brands keeps leverage near 3.5x target; 3.1x reported
By Devika Patel
Knoxville, Tenn., June 3 – Constellation Brands, Inc. plans to keep leverage within sight of its 3.5x target, having reported a leverage ratio of 3.1x at the end of last year.
“We remain committed to being investment grade,” chief financial officer Garth Hankinson said at the 2022 RBC Capital Markets Global Consumer and Retail Conference on Thursday.
“This is something that we think provides us a lot of flexibility.
“It’s important to us.
“We have said that, over the sort of mid-term, our target leverage ratio is right around 3.5x.
“It might be times we are a little bit below that, might be times we are a little bit above that.
“We ended last year at 3.1x, so we are in a very good position there,” he said.
Constellation Brands is a Victor, N.Y.-based producer, importer and distributor of beer, wine and liquor.
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