The company's imported Mexican beer business is also growing, with Sands pointing to strong interest from both the Latino and general population. "Those things favor continued growth in our beer business,” he said.
Constellation, which competes with companies like Anheuser-Busch Inbev , Sam Adams and Molson Coors in the beer business, will improve its position, after it buys the remaining half of its Crown Imports joint venture with Grupo Modelo. The deal will give it full control of distributing Corona Extra beer, the best-selling import, in the U.S.
"That's a a powerfully accretive deal for them" and has been one reason for the stock's massive run-up this year, D.A. Davidson analyst Tim Ramey told CNBCon Friday.
"We've also seen a really nice turn in the wine business," he added as pricing has firmed up.
(Disclosure: D.A. Davidson makes a market in Constellation Brands.)
-By Justin Menza, CNBC News Writer
Questions? Comments? Email us at email@example.com.