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Corona, Svedka maker shares touch all-time high after earnings beat

Corona beer, owned by Constellation Brands.
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Corona beer, owned by Constellation Brands.

Shares of Constellation Brands, maker of Corona beer and Svedka vodka, hit a new all-time high after the company beat on earnings and revenue in their fiscal year 2017 earnings report released Thursday.

Shares closed 6.4 percent higher Thursday and rose more than 7 percent earlier in the session.

Five-day performance of Constellation Brands

Source: FactSet

The largest alcohol importer in the U.S. reported earnings for the fourth quarter of $1.48 per share, beating Reuters' estimates of $1.36 per share. Revenue also beat the Street, with Constellation reporting $1.63 billion in sales versus the expected figure of $1.59 billion.

In a release, CEO Rob Sands said the company saw 13 percent net sales growth, partially as a result of the recently-completed acquisition of craft brewery Ballast Point. Beer, he said, is driving the company's success.

"Our beer business continues to be a powerhouse for growth. We exceeded our profit and margin goals for the year," said Sands. "These excellent results were driven by solid performance for every brand in our portfolio, which resulted in Constellation being the No. 1 growth contributor to the U.S. beer industry for the year.

With the day's moves, the stock is up 12.5 percent so far this year.

Constellation Brands' CEO Robert Sands will be interviewed on "Mad Money" tonight, which airs at 6 p.m. ET.