NEW YORK (TheStreet) -- TheStreet's Jim Cramer is keeping an eye on Brown Forman (BF.A - Get Report) (BF.B - Get Report), as the spirits company gets set to release its latest quarterly results on Wednesday.
The world's leading producer and distributor of premium alcoholic beverages will report its first quarter fiscal 2016 results before the opening bell.
"Vice holds up no matter what the stock market does," he added.
Cramer believes that the food and beverage segment of consumer packaged goods is the "top performing" group, and that Brown Forman should be bought on any weakness.
In the last quarter, Brown Forman posted earnings of 66 cents a share, which was in line with analyst estimates. For this quarter, analysts surveyed by Thomson Reuters expect the company to report earnings of 75 cents a share on revenue of $944.7 million.
Brown Forman has benefited from a robust demand for American whiskey, with sales of whiskey and bourbon growing in the United States. From the earnings conference call, investors will want to hear if that trend is expected to continue given the mixed global economic outlook.
Investors will also pay close attention to how much currency headwinds will weigh on results. The Louisville, Kentucky-based company is one of the largest American-owned wine and spirits businesses.
Its principal brands include Jack Daniels, Finlandia Vodka, Chambord, Southern Comfort, Canadian Mist, Korbel and Woodford Reserve. In June, Brown Forman announced its move into Irish whiskey with the acquisition of Slane Castle Irish Whiskey Limited and its plan to build a new distillery in Ireland. Shares of Brown Forman are up more than 15% year-to-date.