Corona beer maker Constellation Brands tops Wall Street estimates in its second quarter

Constellation Brands Inc. has reported that its second-quarter sales topped Wall Street estimates on Thursday, driven by growing demand for its Corona and Modelo beers during the summer.

The Fortune 500 company said that net sales rose 10.1% to $2.3bn, above analyst estimates of $2.25bn.

Net income attributable to the company more than doubled to $1.15bn, lifted by its current investments in the world’s largest publicly traded marijuana company, Canopy Growth Corp.

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Earlier this year, the drinks company launched Corona Premier - the first addition to the Corona franchise in almost three decades.

New product lines as well as its slightly more expensive beer brand Modelo, drove beer sales up about 11% to $1.53bn, according to Constellation Brands.

Its wine and spirits business also reported 9.3% sales growth.

Chief Executive Officer, Rob Sands, said:  “Constellation remains the high-end leader and the most significant growth contributor in the U.S. beer market, and we’re seeing strong growth trends for the super-premium plus segment of our wine portfolio.

“Our $4 billion investment in Canopy Growth provides us with a strong foothold in the emerging global cannabis market, which could be one of the most significant growth opportunities of the next decade.”