(Reuters) - Constellation Brands Inc. reported better-than-expected quarterly sales and profit on Thursday, driven by strong demand for its Corona and Modelo beers and premium wines.
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Shares of the company rose 2.9 percent in premarket trading.
Net income attributable to the company more than doubled to $925.5 million, or $4.64 per Class A share, in the fourth quarter ended Feb. 28.
The company's latest quarter was helped by a $363 million gain due to the recently enacted U.S. tax law.
The company also raised quarterly dividends by 42 percent each on its Class A and Class B shares.
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.
Excluding items, the company earned $1.90 per share, above analysts' estimates of $1.74 per share.
(Reporting by Uday Sampath in Bengaluru; Editing by Anil D'Silva)