Constellation Brands Inc. announced consolidated unaudited earnings results for the third quarter and nine months ended November 30, 2014. For the quarter, the company earned $222.2 million, or $1.10 per diluted share against $211.0 million or 1.07 per diluted share a year ago. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions were $1.23 per share. The fiscal third-quarter earnings climbed due to increased beer sales. Net sales were $1,541.7 million against $1,443.3 million a year ago. Operating income was $375.6 million against $363.8 million a year ago. Income before taxes was $310.8 million against $292.2 million a year ago.

For the nine months, the company reported net sales of $4,671.8 million against $3,576.5 million a year ago. Operating income was $1,146.5 million against $2,108.3 million a year ago. Income before taxes was $905.8 million against $1,961.9 million a year ago. Net income was $624.7 million against $1,785.9 million a year ago. Net income per diluted share was $3.11 against $9.07 a year ago. Net cash provided by operating activities was $750.1 million against $629.1 million a year ago. Purchases of property, plant and equipment was $541.3 million against $85.9 million a year ago.

The company provided earnings guidance for the fiscal year ending February 28, 2015. For the year, the company now adjusted earnings in the range of $4.25 to $4.35 per share. Its previous outlook was for adjusted earnings in a range of $4.10 to $4.25 per share. The company raised its fiscal 2015 earnings guidance on its strong beer shipment volume. Diluted earnings per share are to be in the range between from $3.90 to $4.00 on GAAP basis. On Non-GAAP basis, net cash provided by operating activities is to be in the range between from $1,000.0 million to $1,125.0 million. Purchases of property, plant and equipment is to be $725 million. Free cash flow (non-gaap) is to be in the range between from $275 million to $350 million. On GAAP basis, net cash provided by operating activities is to be in the range between from $750.1 million to $629.1 million. Purchases of property, plant and equipment is to be in the range between from $541.3 million to $85.9 million. Free cash flow is to be in the range between from $208.8 million to $543.2 million. Interest expense is to be approximately $345 million to $355 million. Tax rate is to be approximately 30%. Capital expenditures are to be approximately $725 million to $775 million, including $600 million to $650 million for the beer business.