NEW YORK (TheStreet) -- Shares of Constellation Brands (STZ) - Get Report are gaining 2.87% to $163.97 on Thursday morning after the company reported better-than-expected results for the 2017 fiscal first quarter.
Before today's opening bell, the Victor, NY-based alcoholic beverage company posted earnings of $1.54 per share, above analysts' forecasts of $1.52 per share.
Revenue jumped 15% to $1.87 billion from last year and beat analysts' projections of $1.83 billion.
Beer sales rose 19% during the quarter, primarily driven by volume growth and favorable pricing.
Results were helped by increased demand for its Corona and Modelo beer brands over the Memorial Day weekend, which is the second biggest beer sales period in the U.S., Reuters noted.
Wine and spirits sales increased 8% in the most recent quarter, mostly due to the acquisition of Meiomi Wines.
For fiscal 2017, Constellation Brands sees earnings per share between $6.05 and $6.35, while analysts are looking for earnings of $6.26 per share.
The company's brands include Svedka Vodka, Robert Mondavi wine and Ballast Point and Negra Modelo beer.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of A on the stock.
The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, growth in earnings per share, increase in net income and expanding profit margins.
The team believes its strengths outweigh the fact that the company has had generally high debt management risk by most measures that were evaluated.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: STZ