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)