By Matt Grossman

Constellation Brands Inc. on Wednesday shifted higher its forecast for adjusted earnings in the 2022 fiscal year ending in February.

The alcoholic-beverages company said it now expects adjusted earnings of $10.15 a share to $10.45 a share, guidance that excludes income from its stake in Canopy Growth Corp., a cannabis business. Three months ago, Constellation was forecasting adjusted earnings of $10 a share to $10.40 a share.

Constellation expects beer sales to grow by 9% to 11% year over year, with operating income from the segment set to rise 4% to 6%. Wine and spirits sales will decline by 22% to 24% year over year, with operating income down by 23% to 25%. The segment's sales will grow by 2% to 4% on an organic basis excluding discontinued lines, Constellation said.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

10-06-21 0807ET