Constellation Brands (NYSE: STZ) reported fiscal third-quarter results that exceeded Wall Street expectations and reaffirmed its full-year profit guidance, supported by stronger-than-anticipated performance in its beer business. Shares rose about 7% intraday on Thursday following the release.

The company, which owns the Corona and Modelo brands, posted comparable earnings of $3.06 per share for the quarter, surpassing the analyst consensus of $2.65. Revenue increased to $2.22 billion, topping expectations of $2.17 billion.

Constellation said its beer portfolio continued to outperform the broader alcohol market. According to Circana data, beer sales exceeded total beverage alcohol growth by nearly half a percentage point and outpaced the overall beer category by roughly one percentage point in both dollar and volume sales across U.S. tracked channels. The company also reported improved distribution gains across its beer brands.

The wine and spirits division also performed well, outpacing the higher-end U.S. wine segment in both dollar and volume sales, according to the company.

Looking ahead, Constellation reaffirmed its fiscal 2026 comparable earnings guidance of $11.30 to $11.60 per share, compared with analyst expectations of $11.47. It updated its reported earnings outlook to a range of $9.72 to $10.02 per share. The company also maintained its operating cash flow target of $2.5 billion to $2.6 billion and free cash flow target of $1.3 billion to $1.4 billion. Year to date, Constellation generated $2.1 billion in operating cash flow and $1.45 billion in free cash flow.