by Dr. Brent Haggard
Constellation Brands reaffirmed its profit expectations for 2008 earlier this week at between US$1.30 and $1.40 per share, with organic net sales for the year expected to maintain low single-digit growth. On a reported basis, Constellation's ESP outlook
.between $1.16 and $1.26.
At the same time, the company confirmed a share buyback programme and revealed that it has already repurchased 3.5 million shares of its class A common stock since March 1, 2007, through open market purchases at a cost of $78.9 million, or $22.55 per share.
"We believe this accelerated share repurchase transaction demonstrates our strong commitment to maximizing shareholder value and also aligns well with our stated objective of harvesting opportunities that enhance our long-term value creation goals," said chairman and chief executive officer Richard Sands.
