July 3 (Reuters) - Corona beer maker Constellation

Brands ( STZ ) on Wednesday beat Wall Street estimates for

first-quarter profit, helped by strong demand for its core beer

brands, which offset the sluggish wines and spirits business.

Shares of the Victor, New York-based company, which

maintained its annual forecasts, were up nearly 3% in premarket

trading.

The company has seen persistent demand for its core beer

brands, including Modelo Especial and Pacifico, although its

wines and spirits business, along with the broader consumer

industry, saw a slowdown in the United States.

Constellation's beer business, a major revenue contributor,

saw a 6.4% depletion in volume growth - the rate at which

products are sold - compared with a 5.5% growth last year.

Benefits from aggressive price hikes over the past quarters,

lower marketing expenses, and sales growth have helped the

company cushion the blow from lingering raw material and

packaging costs.

Constellation's operating margin in its beer business rose

260 basis points to 40.6%.

The company reported a comparable profit of $3.57 per share

for the quarter ended May 31, beating analysts' estimates of

$3.46 per share, as per LSEG data.

It posted net sales of $2.66 billion, slightly below

estimates of $2.67 billion, owing to tepid demand for its

premium wines and spirits.