Constellation Brands Inc. announced earnings results for the third quarter and nine months of fiscal 2014. For the quarter, comparable net sales were $1,443 million, up by 88%. The significant increase for consolidated Net Sales were driven by $662 million of incremental net sales related to the consolidation of Crown. Comparable operating income was $375 million, up by 117%. Comparable earnings before interest and taxes were $393 million, up by 74%. Comparable net income was $217 million. Comparable diluted EPS was $1.10, where as Reported diluted EPS was $1.07. The comparable basis effective tax rate was 28% against 28% for the same period last year, which reflected the benefits from integrating the beer business as well as higher than anticipated foreign tax credits.

For the nine months, free cash flow totaled $543 million as compared to $337 million for the same period last year. The increase was primarily due to incremental benefits from the beer business acquisition, partially offset by higher interest payments.

The company increases outlook for fiscal year 2014. The company expects comparable basis diluted EPS between $3.10 - $3.20 and reported basis diluted EPS between $9.65 - $9.75. Effective tax rate on comparable basis is expected to be 31% and effective tax rate on reported basis is expected to be 11%. Free cash flow is expected approximately between $525 - $575 million and capital expenditures were expected approximately between $200 - $230 million. The company expects interest expense for the year to approximate $325 million, which puts the company at the low end of the company's previous $325 million to $335 million guidance range.