By Elias Schisgall

Constellation Brands said higher gas prices and economic uncertainty dampened sales of its alcoholic beverages after a promising start in its most recent quarter.

Stronger purchasing trends that began the quarter gave way to a pullback, as higher gas prices from the war in Iran compounded an existing multi-year inflation cycle, the beverage company said Tuesday.

The financial pressures were particularly pronounced among lower-income households, who became more discerning with their spending and sought out more value, which contributed to slower trends as the quarter progressed.

Constellation Brands, which serves as the U.S. importer for Corona and Modelo beers, has been struggling with subdued demand among Hispanic consumers in recent quarters. However, that underperformance by businesses that serve beer in zip codes with larger Hispanic populations was moderating, despite overall consumer pressures.

The company 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.

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.

Chief Executive Nicholas Fink, who started his job in April, said that he sees opportunities to further support growth for the company's flagship brands, especially Modelo Especial.

"I see significant runway to continue growing our leading brands with an even greater emphasis on understanding consumer occasions and relevance--increasingly looking at our business through the lens of when, where, and why consumers are choosing our brands," Fink said.

He added that he intends to pursue strategic opportunities to expand into "white spaces where we have a right to win," including in some adjacent categories to the company's existing product lines.

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 3.9%, to $144.50, in after-hours trading on Tuesday.

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