Constellation Brands Inc. on Jan. 8 reported third-quarter earnings for fiscal 2020 that beat Street expectations and the company raised its fiscal 2020 guidance.

The seller of Corona beer posted comparable, or non-GAAP, EPS of $2.14 for the company's fiscal third quarter ended Nov. 30. The mean consensus analyst estimate for Constellation's normalized EPS was $1.84, according to S&P Global Market Intelligence.

The company increased its fiscal 2020 comparable basis EPS outlook to a range of $9.45 to $9.55, up from the previous guidance of $9.00 to $9.20.

Constellation Brands' fiscal 2020 guidance assumes a wine and spirits net sales and operating income decline in a range of 8% and 10%. In December, Constellation Brands revised the terms of its deal to sell its portfolio of wine priced below $11 to E. & J. Gallo Winery Inc.

Constellation said comparable net income attributable to the company for the quarter was $417.6 million, down 10% from the same quarter in 2018. Analysts expected Constellation to post $356.5 million in net income excluding exceptions, according to Market Intelligence.

Net sales rose 1% to $2.00 billion for the quarter.

Shares in Constellation Brands rose 2.9% to $189 in early trading Jan. 8. The company reported earnings before U.S. markets opened.