Impressive second quarter results from Constellation Brands beat expectations

Constellation Brands gained 6.3% in pre-market trading after raising its outlook for fiscal 2017 on Wednesday.

The beer and wine producer reported profit and revenue that were above analysts' estimates for the second quarter. Net income for the quarter came in at $359m, or $1.75 per share, which is up 17% compared with the same period last year.

Also up 17% year-on-year were sales, which hit $2.02 billion for the quarter, which marks eight consecutive earnings beats in a row.

A series of successful acquisitions throughout recent years has left Constellation in good financial stead. It bought the distribution rights to Mexican beers Modelo and Corona in 2013.

The integration and growth of these brands has been a big driver of its success, along with strong consumer demand levels.

The firm now owns five of the US's top 15 most popular imported beers, with its share price rising around 17% so far this year.

"During the quarter, we gained share and improved margins across our business, while continuing to make smart investments designed to fuel growth today and in the future," said CEO Rob Sands.