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Constellation Brands Earnings: Higher Revenue, Profits are on Tap

Global alcoholic beverage giant Constellation Brands (STZ - Get Report) , known for products like Corona Extra, will report fourth-quarter fiscal 2016 earnings before the opening bell Wednesday. The company's shares -- trading at a P/E of 32, against a P/E of 21 for the S&P 500 (SPX) index -- don't scream bargain today. But not only is the New York-based brewer selling more beer and spirits, it's also making more money on each sale.

That's because Constellation Brands is getting better pricing on its beer products and the company is lowering its costs at the same time. In its fiscal third quarter, for instance, as its beer sales rose 14% on strong volume growth, its operating margin rose 320 basis points to 28.9%. This helped Constellation beat its second-quarter...