Constellation Brands, Corona beer maker, reported Q1 profit beat due to strong beer sales growth.

Constellation Brands, maker of Corona beer, reported first-quarter results beating profit estimates due to strong demand for its beer brands, offsetting weaker wine and spirits business. Its beer sales rose 8% YoY, while wine and spirits sales declined 7% YoY. The company's operating margin in its beer business increased to 40.6%.