By Elias Schisgall

Constellation Brands reported a higher profit but lower revenue in its first quarter, as consumers began to pull back from beverage purchases.

The beverage company, which serves as the U.S. importer of Modelo and Corona beers, on Tuesday reported a profit of $653.8 million, or $3.79 a share, in the quarter ended May 31. That compares with a profit of $516.1 million, or $2.90 a share, a year earlier.

Stripping out certain one-time items, adjusted earnings were $3.43 a share. Analysts polled by FactSet were expecting $3.19 a share.

Net sales fell to $2.43 billion from $2.52 billion a year prior, but beat analyst estimates of $2.39 billion.

Food and beverage volume trends were lower as the quarter progressed, Chief Executive Nicholas Fink said, reflecting the effects of higher gas prices from the war in Iran on top of years of inflation.

"While we saw a resurgence of purchasing behavior amidst a more normalized start to the quarter, these financial pressures then drove a more discerning and value-conscious consumer mindset, most notably within lower-income households," he said.

Beer sales grew 2%, to $2.28 billion, driven by favorable pricing and higher shipment volumes. Beer depletions, which measure volumes sold by distributors to retailers fell 0.3% as declines of Modelo Especial and Corona Extra were partially offset by growth in the Pacifico, Victoria and Modela Chelada brands.

Wine and spirit sales fell 47%, to $149.2 million, which the company said reflects the effect of its 2025 divestitures in the wine market. Depletions rose 6.6%, driven in part by 62% growth in the company's Mi CAMPO Tequila line.

The company affirmed its full-year outlook for adjusted earnings between $11.20 and $11.90 a share. It lifted its outlook for reported earnings to between $11.50 and $12.20 a share, up from a range of $11.10 to $11.80 a share.

The company is also expecting beer sales and organic wine and spirit sales to both fall to a range between down 1% and up 1% for the year.

Shares in Constellation Brands were up 2.2%, to $142.03, in after-hours trading on Tuesday.

Write to Elias Schisgall at elias.schisgall@wsj.com