Constellation Brands beat Wall Street’s profit estimates for the ninth straight quarter on increased margins from higher beer prices and breweries running at full capacity during the summer, putting its shares on track to open at a record high.
The U.S. brewer also raised its full-year profit forecast to $8.25 to $8.40 per share, from a previous range of $7.90 to $8.10.
Shares of the company rose as much as 6.4 percent to $214 before the opening bell, and were among the top percentage gainers among NYSE-listed stocks.
The company’s net beer sales rose 12.8 percent in the second quarter boosted by strong demand for its premium Corona and Modelo beers between the fourth of July and Labor day.
Net income attributable to the company rose to $500 million, or $2.48 per Class A share for the quarter ended Aug. 31, from $358.9 million, or $1.75 per Class A share, a year earlier. Excluding items, the company earned $2.47 per share, while its net sales rose nearly 3 percent to $2.08 billion.
Analysts on average had expected a profit of $2.16 per share and revenue of $2.06 billion, according to Thomson Reuters I/B/E/S.