Corona maker Constellation Brands beats quarterly sales estimates

Corona maker Constellation Brands beats quarterly sales estimates
FILE PHOTO: Bottles of Corona beer, the flagship brand of Group Modelo, are pictured at a restaurant in Mexico City, Mexico January 27, 2017. REUTERS/Henry Romero -
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Henry Romero(Reuters)
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(Reuters) – Constellation Brands Inc <STZ.N> beat analysts’ estimates for quarterly revenue on Friday, driven by strong sales of its beers including the Modelo brand, sending its shares up 6% in premarket trading.

Net sales rose 2.5% to $2.10 billion (1.66 billion pounds) in the first quarter ended May 31. Analysts had expected net sales of $2.07 billion, according to Refinitiv IBES data.

Constellation reported net loss attributable to the company of $245.4 million, or $1.30 per Class A share, compared with a profit of $743.8 million, or $3.77 per share, a year earlier.

The decline was a result of equity losses in marijuana maker Canopy Growth, which is partly owned by Constellation.

(Reporting by Nivedita Balu in Bengaluru; Editing by James Emmanuel)

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