June 30 (Reuters) - Constellation Brands (STZ.N) first-quarter results topped Wall Street expectations on Friday, as the Corona beer maker benefited from higher pricing and steady demand for its alcoholic beverages.
Constellation’s beer business posted an 11% increase in sales in the quarter ended May 31, mainly on strong growth across Modelo Especial, the Modelo Chelada brands as well as Corona Extra.
Modelo Especial dethroned Anheuser-Busch InBev's (ABI.BR) Bud Light as the top selling beer in the U.S. in June after the latter faced backlash over a social media promotion with transgender influencer Dylan Mulvaney.
Constellation net sales rose more than 6% to $2.52 billion, beating analysts' average estimate of $2.47 billion, according to Refinitiv IBES data.
The company's first-quarter profit of $2.91 per share beat analysts' average estimate of $2.83 as per IBES data from Refinitiv.
Persons:
Busch, Bud Light, influencer Dylan Mulvaney, Kim Crawford, Juveria, Vinay Dwivedi
Organizations:
Constellation Brands, Modelo Especial, Modelo, Anheuser, Constellation, Refinitiv, Thomson
Locations:
U.S