(Reuters) – Constellation Brands Inc (STZ.N) 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