Beer Brands Boost Constellation Brands' Growth in First Quarter

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.