Beer Brands Boost Constellation Brands' Growth in First Quarter

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Beer Brands Boost Constellation Brands' Growth in First Quarter

by TheStreet.com Videos 1:07 mins

Beer Brands Boost Constellation Brands' Growth in First Quarter

by TheStreet.com Videos 1:07 mins

Constellation Brands shares are gaining Wednesday after the company reported revenue growth in the triple digits. The beer, wine and spirits company earned $1.07 a share, beating estimates by 14 cents. Sales grew 127% year over year to $1.53 billion dollars, $100 million over analysts' forecasts. Robust strength on its top line was driven by a 14% jump in sales in its beer segment. Shipment volume of brands such as Corona and Modelo increased 11%. In summer last year, Constellation paid Anheuser-Busch $5.3 billion for the distribution rights for Corona in the U.S. Since, Constellation has been the third-largest beer supplier in the country.

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