Constellation Brands (STZ:US) reported earnings per share for the first quarter that topped the average analyst estimate, however, its share price is not showing the bull signs as of yet.

The beer maker reported comparable EPS of $2.91 on revenue of $2.51 billion, beating the analyst consensus for earnings of $2.85 on revenue of $2.48 billion. Overall, sales rose 6.4% as beer net sales topped $2.1 billion, generating an operating income of $797.8 million.

On the other hand, sales of wine and spirits underperformed – coming in at $416.3 million vs the expected $431.6 million. Operating income from this business segment declined 13% to $79.3 million.

"Our Beer Business delivered double-digit net sales growth and continued to outperform the market as the top share gainer. Meanwhile, our higher-end Wine and Spirits Business outperformed the higher-end of the U.S. wine category and gained share in that segment," said Bill Newlands, STZ president, and CEO.

Despite solid Q1 results, the management “only” reaffirmed its full-year forecast for EPS of $11.70-$12.00. It is likely that investors were looking for a boost to current full-year expectations after an earnings beat.

The company also declared a quarterly dividend of $0.89 per Class A common share.

Congressman Ro Khanna has been continuously acquiring STZ shares throughout 2023. Earlier this month, the Representative from California said he bought more shares in the second half of May.