Constellation Profit Rises as Modelo Maker’s Beer Sales Offset Wine Weakness

Constellation Brands posted a higher third-quarter profit, as strong beer sales for the Modelo maker offset a continued decline in its wine and spirits business. Overall, sales rose slightly for the period, with a 4% increase in its beer division offsetting an 8% slump in wine and spirits. The Victor, N.Y.-based company now expects a much sharper sales drop in its wine and spirits division than previously expected.