By Micah Maidenberg

Constellation Brands Inc. (STZ) said profit and sales moved higher in its latest quarter, fueled by strong demand for its beer.

The brewer of Corona and Modelo beer Tuesday reported earnings of $360.4 million for its fiscal third quarter, compared with $303.1 million a year earlier.

The company said it earned an adjusted profit of $2.14, beating the consensus estimate on FactSet of $1.82 a share.

Sales rose about 1% to $2 billion, a bit more than analysts' forecasts.

Beer sales were up 8% to $1.31 billion in the quarter. Wine and spirits sales dropped 10% to $688.8 million, the company said.

Constellation has been rethinking its portfolio amid shifting consumer interest in alcoholic drinks.

The company struck a deal last month to sell its Ballast Point craft-beer brand to a Chicago-area brewer. It plans to launch an alcoholic seltzer to compete with offerings such as Mike's Hard Lemonade Co.'s White Claw.

Constellation also is working to sell a portfolio of wines to E. & J. Gallo Winery. The companies said in December they revised the deal by excluding some brands from the transaction to address concerns the Federal Trade Commission raised during a review.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

January 08, 2020 08:05 ET (13:05 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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