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April 6 (Reuters) - Constellation Brands Inc (NYSE:STZ) STZ.N , the no. 3 U.S. beer company, reported better-than-expected quarterly profit and sales, helped by strong demand for its premium beers such as Corona and Ballast Point, and forecast 2018 earnings above estimates.
Shares of the company, which also makes Robert Mondavi wine and Svedka vodka, rose 5 percent to $169.47 in premarket trading on Thursday.
The Victor, New York-based company's beer sales, which contributes to about 55 percent of total sales, rose 11 percent in the fourth quarter ended Feb. 28, boosted by higher volumes, better pricing and increased demand for its Ballast Point craft beer.
Constellation forecast 2018 earnings of $7.70-$8 per share, beating analysts' average estimate of $7.51 per share, according to Thomson Reuters I/B/E/S.
The company also said that it expects net sales to grow about 4-6 percent in 2018. said its net sales rose 5.5 percent to $1.63 billion. Analysts on average had expected $1.59 billion.
Net income attributable to the company rose to $452 million, or $2.26 per Class A share, in the quarter, from $243.4 million, or $1.19 per share, a year earlier, as it gained $262 million on the completion of the sale of its Canadian wine business.
Excluding certain items, Constellation earned $1.48 per share, beating analysts' average estimate of $1.36 per share.
The company sold its Canadian wine business in October for C$1.03 billion ($775 million) to strengthen its footing in the premium craft liquor market in the United States.