Constellation Brands (STZ) — the maker of festive summer beers Corona and Modelo — saw a stock bump in pre-market trading, but its gains have since deflated in Wednesday's regular session. The alcohol company reported fiscal first-quarter earnings figures that beat profit estimates. Revenue fell just short of expectations — reported $2.66 billion ($2.67 billion expected) — while adjusted earnings outpaced estimates — $3.57 per share ($3.47 per share expected).

Citi US beverages and household products & personal care research analyst Filippo Falorni joins The Morning Brief to explain Constellation Brands' growth driven by overall beer demand and other consumer innovations, such as its spirits segment, low-calorie drinks ahead of the summer holidays, and sporting event promotions.

"They reported 8% year over year sales growth in the beer business, and 6.4% depletions growth, which is a measure of volume. And those were very strong results and better than expected, expectations were more in the 5.5% range," Falorni tells Yahoo Finance. "So again, continue very strong trends for the beer business driven by the Modelo Especial brand, which was up 11% in the quarter."

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This post was written by Luke Carberry Mogan.