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What: Shares of Constellation Brands (NYSE:STZ) were headed for the stars today, gaining as much as 12% and finishing up 10% on an impressive third-quarter earnings report.

So what: The distributor of alcohol brands including Negro Modelo and Svedka Vodka soared past estimates in its quarterly report this morning, posting earnings of $1.10 on expectations of $0.91, while revenue increased 88.2% to $1.44 billion, above the analysts' view at $1.39 billion. Constellation said nearly all of the increase came from its consolidation of Crown Imports that it achieved in a deal last June with Anheuser Busch-InBev. The company also raised its full-year EPS outlook to $3.10-$3.20, above expectations of $3.00.

Now what: The purchase of Grupo Modelo's distribution rights continues to pay dividends for Constellation, as the stock has now more than doubled in the past year. With a strong portfolio of brands, perpetual U.S distribution rights for Grupo Modelo products, and 21% top-line growth expected in fiscal 2015, the company should continue to see its shares move higher.

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