March 29, 2018 / 11:46 AM / a month ago

Corona maker Constellation Brands's quarterly sales top estimates

March 29 (Reuters) - Constellation Brands Inc reported better-than-expected quarterly sales on Thursday, driven by strong demand for its Corona and Modelo beers.

Net income attributable to the company rose to $925.5 million, or $4.64 per Class A share, in the fourth quarter ended Feb. 28 from $452 million, or $2.26 per Class A share, a year earlier.

The company’s latest quarter was helped by a $363 million gain due to the recently enacted U.S. tax law.

The maker of Robert Mondavi wines and SVEDKA vodka said sales rose 8.5 percent to $1.77 billion. Analysts on average were expecting $1.75 billion, according to Thomson Reuters I/B/E/S. (Reporting by Uday Sampath in Bengaluru; Editing by Anil D’Silva)

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