April 4, 2019 / 11:48 AM / 3 months ago

Brewer Constellation tops Wall St estimates for sales

April 4 (Reuters) - Constellation Brands Inc on Thursday reported quarterly sales well above analysts’ estimates, as its popular beer brands Corona and Modelo performed well.

Net sales fell about 2 percent to $1.80 billion, but was above analysts’ estimates of $1.74 billion, according to Refinitiv IBES data.

Net income attributable to the company rose to $1.24 billion, or $6.37 per class A common share, for the fourth quarter ended Feb. 28, from $910.5 million, or $4.56 per share, a year earlier.

On Wednesday, the company said it would sell about 30 of its wine and spirit brands that retail under $11 a bottle to California-based E. & J. Gallo Winery for $1.7 billion, as the brewer streamlines its portfolio of premium brands such as Robert Mondavi, Meiomi and Kim Crawford. (Reporting by Nivedita Balu in Bengaluru; Editing by Shounak Dasgupta)

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