Common-Size Income Statement
Quarterly Data
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Constellation Brands Inc. pages available for free this week:
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Constellation Brands Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-K (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-Q (reporting date: 2021-05-31), 10-K (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-Q (reporting date: 2020-05-31), 10-K (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-31), 10-K (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-Q (reporting date: 2018-05-31), 10-K (reporting date: 2018-02-28), 10-Q (reporting date: 2017-11-30), 10-Q (reporting date: 2017-08-31), 10-Q (reporting date: 2017-05-31), 10-K (reporting date: 2017-02-28), 10-Q (reporting date: 2016-11-30), 10-Q (reporting date: 2016-08-31), 10-Q (reporting date: 2016-05-31).
- Sales and Net Sales
- Sales as a percentage of net sales remain relatively stable over the periods, fluctuating slightly around the 108 to 110 range. The net sales are consistently normalized at 100% for comparative purposes.
- Excise Taxes
- Excise taxes show a gradual decline as a percentage of net sales, decreasing from nearly -10% in earlier periods to around -7.5% towards the later periods. This suggests a reduction in tax expenses relative to net sales over time.
- Cost of Product Sold
- The cost of product sold generally trends downward from approximately -53% to mid -40% percentages of net sales, with some fluctuations. This decline indicates improved cost efficiency or favorable cost management impacting the gross margin positively.
- Gross Profit
- Gross profit exhibits an increasing trend, moving from about 47% up to the mid-50% range during the later periods. This aligns with the declining cost of product sold and indicates an overall improvement in profitability at the gross level.
- Selling, General, and Administrative Expenses (SG&A)
- The SG&A expenses as a percentage of net sales fluctuate considerably, ranging mostly between -16% and -23%. There is no clear consistent trend, but spikes and dips suggest periods of varying operational expenditure management.
- Impairment and Gains/Losses on Business Sales
- There are significant impairment charges noted in some periods, notably impairment of brewery construction at -32.86% during one period and impairment of assets held for sale with spikes such as -19.51%. Gains and losses on business sales are irregular, with positive spikes like 16.12% and smaller fluctuations, which contribute to volatility in operating results.
- Operating Income
- Operating income as a percentage of net sales shows a generally positive trend, albeit with noticeable volatility. It ranges approximately from 3.7% up to over 37%, with some quarters demonstrating strong income performance and others showing significant drops, reflecting the impact of various extraordinary items and operational expenses.
- Income from Unconsolidated Investments
- This line item is highly volatile and intermittent with occasional significant positive contributions (such as 65.85%) and large negative swings (-64.75%), which indicates fluctuating success or losses from investments outside the company's core operations.
- Interest Expense and Loss on Debt Extinguishment
- Interest expense remains relatively consistent, typically between -3.5% and -6.5% of net sales, with minor fluctuations reflecting changes in debt levels or interest rates. Occasional losses on extinguishment of debt occur sporadically but tend to be small in magnitude relative to net sales.
- Income Before Income Taxes
- This metric is highly variable, ranging from significant positive values above 59% in some periods to negative values near -44% in others. Such volatility suggests pronounced effects from non-operating items, impairments, and investment results affecting pre-tax profitability.
- Provision for Income Taxes
- Tax provision percentages also vary widely, occasionally showing benefits (positive percentages), but mostly negative values ranging from near -1.5% to -15%, reflecting the volatility in taxable income and possible tax planning or credits.
- Net Income
- Net income as a percentage of net sales generally follows the pattern of operating and pre-tax income, showing wide variation from strong positive earnings of over 50% in some periods to substantial losses near -44%. The net income attributable to the company’s shareholders shows a similar trend, confirming that the majority of reported profit or loss is attributable to the parent entity.