New York (CNN Business) Beer drinkers are still fantasizing about sitting back in a beach chair and enjoying a Corona with lime. And that's fantastic news for alcoholic beverage giant Constellation Brands.

Shares of Constellation soared 7% in early trading Friday after the company reported earnings and sales that topped forecasts and also issued a solid outlook for the rest of this fiscal year.

Constellation, which imports the Corona and Modelo brands from Mexico, posted a more than 7% jump in beer sales and nearly 12% increase in operating profits from its beer unit compared to a year ago.

"Our iconic beer portfolio continues to be a cornerstone of growth in the U.S. beer industry," said Constellation CEO Bill Newlands in a statement.

The solid beer performance helped offset a decline in revenue and earnings from its wine and spirits business , which owns the Kim Crawford wine and Svedka vodka brands. Constellation reached a deal earlier in April to sell some struggling wine brands

Read More