Constellation Brands Crushes Earnings Estimates; Beer Sales Surge

Constellation Brands (STZ) - Get Report shares rose after reporting adjusted third-quarter earnings of $1.96 a share, topping estimates of $1.72. Revenue rose 10% year over year to $1.8 billion, matching estimates. Beer sales rose 16%, topping the 5% increase in wine sales. The stock is up 2.3% over the past 12 months. "Our beer business delivered double-digit sales and profit growth for the third quarter, and gained significant market share of the high-end of the U.S. beer category, as the #1 contributor to growth, with our key brands growing across all market channels," said Rob Sands, president and chief executive officer, Constellation Brands.