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Constellation's profit beats Street; buys Meiomi wine brand

(Adds details, share move)

July 1 (Reuters) - Constellation Brands Inc reported a better-than-expected quarterly profit, helped by higher sales of its Corona and Modelo beers, and said it would buy the Meiomi wine brand for about $315 million.

Shares of Constellation, which also raised its full-year adjusted profit forecast, rose 2 percent in premarket trading on Wednesday.

The company's net beer sales rose 11 percent to $965.8 million in the first quarter ended May 31, accounting for about 59 percent of its total sales.

The alcoholic beverage maker raised its adjusted earnings forecast for the year ending February to $4.80-$5 per share from $4.70-$4.90 per share, driven by higher beer sales and its purchase of Meiomi.

Meiomi, the pinot noir and chardonnay maker, was launched in 2006 and sold almost 600,000 cases in 2014. It is expected to add 3-4 cents per share to Constellation's earnings this year.

The deal is expected to close around early August.

The company now expects full-year net beer sales to grow about 10 percent with 13-15 percent operating income growth in the business, slightly higher than what it forecast in April.

Excluding items, Constellation earned $1.26 per share in the first quarter, 2 cents above the average analyst estimate.

The company's net sales rose nearly 7 percent to $1.63 billion.

Analysts on average had expected revenue of $1.62 billion, according to Thomson Reuters I/B/E/S.

The New York-based company's shares were up at $118.25 before the bell. Up to Tuesday's close, the stock had risen about 32 percent in 12 months.

(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Savio D'Souza and Maju Samuel)