Constellation’s leading brands include Modelo, Corona and Pacifico beer, all of which are brewed in and imported from Mexico. While alcohol imports remain exempt from tariffs, beer packaged in aluminum is subject to the added tax. President Donald Trump initially imposed a 25% tariff on steel and aluminum, then doubled that to 50% last month.

Constellation Brands missed Wall Street's estimates for quarterly earnings and revenue, as the Modelo owner saw lower demand and paid higher aluminum tariffs.

The company's beer business, its largest revenue contributor, reported a 2.6% decline in quarterly depletion volume — the rate at which products are sold — driven by declines in brands such as Modelo Especial and Corona Extra. Its beer depletions rose 6.4% a year ago.