UPDATE: Constellation Brands Posts Upbeat Q1 Earnings, Shares Surge

Shares of Constellation Brands

jumped more than 6% in pre-market trading after the company reported upbeat results for its fiscal first quarter and lifted its FY15 forecast outlook. Constellation Brands posted its quarterly profit of $207 million, or $1.03 per share, up from $52.9 million, or $0.27 per share, in the year-ago period. Its adjusted earnings came in at $1.07 per share in the quarter. Its sales surged to $1.526 billion. However, analysts were expecting earnings of $0.93 per share on sales of $1.41 billion. Net sales for the beer segment climbed 14% in the quarter, while wine and spirits net sales on a constant currency basis fell 1%. The company's press release offered the following comment from Rob Sands, president and chief executive officer, Constellation Brands: "We posted a great quarter reflecting outstanding results for our beer business as well as wine and spirits performance that was generally in-line with our expectations." Constellation Brands now projects FY15 adjusted earnings of $4.10 to $4.25 per share. The company also reaffirmed FY15 free cash flow of $425 to $500 million. Constellation Brands shares gained 6.36% to $94.00 in pre-market trading