NEW YORK (TheStreet) -- Shares of Constellation Brands (STZ) were gaining, up 2.06% to $118.50 in pre-market trading Wednesday, after the alcoholic beverage company reported better than expected first quarter earnings results this morning.
TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio says, "This is the most consistent spirits company in the world and Rob Sands keeps delivering with great beer brands like Modelo and Corona."
"I ought to know because they are by far our largest selling brands at Bar San Miguel, my tavern in Carroll Gardens Brooklyn. Smoking hot sales," he added.
For its latest quarter, Constellation Brands earned a profit of $1.26 per share on revenue of $1.63 billion.
The company was expected to earn $1.23 per share on revenue of $1.62 billion for the quarter ended in May, according to analysts polled by Thomson Reuters.
The alcoholic beverage maker said its earnings beat was helped by higher sales of its Corona and Modela beers.
In the same quarter of last year, Constellation Brands earned $1.07 per share on sales of $1.53 billion.
Additionally, the company announced it would buy the Meiomi wine brand for about $315 million.
"I liked the acquisition of Meiomi, too. Good inexpensive wine from the Wagner family that brought you Caymus," Cramer noted.
Victor, N.Y.-based Constellation Brands is an international beverage alcohol company operating segments including beer, wine and spirits.
The company's customers include wholesale distributors, retailers, on premise locations and government alcohol beverage control agencies.