Corona maker Constellation Brands quarterly results top estimates
FILE PHOTO: Bottles of Corona beer, the flagship brand of Group Modelo, are seen in Mexico City, Mexico February 14, 2013. REUTERS/Edgard Garrido/File Photo (Reuters)
(Reuters) - Constellation Brands Inc. reported better-than-expected quarterly sales and profit on Thursday, driven by strong demand for its Corona and Modelo beers and premium wines.
Shares of the company rose 2.9 percent in premarket trading.
Net income attributable to the company more than doubled to $925.5 million, or $4.64 per Class A share, in the fourth quarter ended Feb. 28.
The company's latest quarter was helped by a $363 million gain due to the recently enacted U.S. tax law.
The company also raised quarterly dividends by 42 percent each on its Class A and Class B shares.
The maker of Robert Mondavi wines and SVEDKA vodka said sales rose 8.5 percent to $1.77 billion. Analysts on average were expecting $1.75 billion, according to Thomson Reuters I/B/E/S.
Excluding items, the company earned $1.90 per share, above analysts' estimates of $1.74 per share.
(Reporting by Uday Sampath in Bengaluru; Editing by Anil D'Silva)