Corona maker Constellation Brands's quarterly sales top estimates

[March 29, 2018]  (Reuters) - Constellation Brands Inc reported better-than-expected quarterly sales on Thursday, driven by strong demand for its Corona and Modelo beers.
 

Bottles of Corona beer, the flagship brand of Group Modelo, are seen in Mexico City, Mexico February 14, 2013. REUTERS/Edgard Garrido/File Photo

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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