Investing.com - Constellation Brands quarterly profit handily beat analysts' estimates and the company raised its full-year adjusted profit forecast for the second time, driven by higher sales of beers under its Corona and Modelo brands.
The company's shares rose 3.8 percent to $136.25 in premarket trading on Wednesday.
Constellation is benefiting from strong demand from the rising Hispanic population in the United States who prefer the company's beer brands such as Modelo Especial and from other consumers switching to Mexican beers.
The company said in June it will invest more than $2 billion in its Mexican operations to expand its bottling and brewery plant in Coahuila