Owner Model Constellation Brands beat on the top and bottom lines in its fiscal second-quarter earnings report on Monday and reiterated its lowered full-year guidance due to macroeconomic headwinds.

Shares of the company rose roughly 3% in extended trading.

Here’s how the company performed in the second quarter, compared with what Wall Street was expecting based on a survey of analysts by LSEG:

• Earnings per share: $3.63 adjusted vs. $3.38 expected
• Revenue: $2.48 billion vs. $2.46 billion expected

For the period ending Aug. 31, the company reported net income of $466 million, or $2.65 per share, compared with a loss of $1.2 billion, or $6.59, the year prior. Excluding costs for restructuring and other items, the brewer reported earnings of $3.63 per share.

Constellation‘s net sales dropped 15% from the same period last year to $2.48 billion, and the company’s operating margin fell 200 basis points due in part to aluminum tariffs.

“While we continue to navigate a challenging socioeconomic environment that has dampened consumer demand, our teams remain focused on executing against our strategic objectives, including driving distribution gains, disciplined innovation and investing behind our brands,” CEO Bill Newlands said in a statement.

In September, Constellation announced it was slashing its full fiscal year guidance due to a “challenging macroeconomic environment.” It cut its comparable earnings per share outlook to a range of $11.30 to $11.60, down from $12.60 to $12.90, and reaffirmed that outlook in Monday’s report.

The company also reiterated its previous estimate of organic net sales falling 4% to 6% for fiscal 2026, down from a previous expectation of 1% growth to a 2% decline.

Constellation also previously identified a trend of lower demand from Hispanic consumers, which it said was caused by concerns about President Donald Trump’s immigration policies and potential job losses.

Constellation executives will hold a call with analysts tomorrow at 8 a.m. ET.