Here's Why Shares of Constellation Brands Were Higher Wednesday

Shareholders of Constellation Brands (STZ) - Get Report must be toasting in celebration after the beer, wine and spirits company posted quarterly results which beat forecasts in the latest quarter. Constellation earned $1.77 a share, topping analysts' estimates by $0.12 a share. Revenue rose 17% to $2.02 billion, also topping Wall Street's forecast. The company updated its full-year earnings forecast to between $6.30 to $6.45 a share, which is higher than its previous outlook. Constellation also expects full-year net beer sales to grow 16% to 17% year over year. TheStreet's Jim Cramer says Constellation is one of the few double-digit growers left in the consumer goods industry.

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