VICTOR, N.Y. (AP) — Constellation Brands Inc. said Wednesday that its fiscal first-quarter net income soared, helped by a strong sales performance at its Crown Imports beer business that includes Corona.
The wine, liquor and beer company's performance beat Wall Street's view, and it raised its fiscal 2015 adjusted earnings forecast.
Its shares rose more than 3 percent in midday trading.
Constellation closed on its acquisition of the Grupo Modelo U.S. beer business in June 2013. It purchased the business from Anheuser-Busch InBev. The deal includes full ownership of Crown Imports which includes Modelo Especial, Corona Extra and Modelo Especial Chelada.
Constellation said that the purchase price was about $5.3 billion, which includes $558 million that was paid as a post-closing purchase price adjustment last month.
Constellation — whose other brands include Robert Mondavi and Negra Modelo — earned $206.7 million, or $1.03 per share, for the three months ended May 31. A year earlier it earned $52.9 million, or 27 cents per share.
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