Constellation's Beer Sales Soar
Constellation Brands Inc., the world's biggest branded wine maker, raised its full-year earnings forecast as strong sales of Corona and Modelo Especial beers drove up revenue. (Reuters)
The company acquired U.S. distribution rights to the beers last year when it bought out Grupo Modelo's interest in their U.S. beer joint venture, Crown Imports LLC. (r.reuters.com/wag85v)
Shares of Constellation, which owns wine brands such as Robert Mondavi and Ravenswood, rose 7 percent on Wednesday morning.
The company's profit nearly doubled and its revenue jumped 88 percent in the third quarter ended November 30.
"The strong marketplace momentum we experienced this summer for our beer portfolio, especially Corona and Modelo Especial, continued throughout the fall and into the holiday selling season," Chief Executive Rob Sands said in a statement.
See more at: in.reuters.com/article/2014/01/08/us-constellationbrands-results-idINBREA070O420140108
