However, revenue was short of forecasts, rising 2.9% to $2.92 billion.Constellation Brands shares were down 3.9% in mid-afternoon trading, leading S&P 500 decliners on Thursday.Beer sales mainly increased.

Constellation Brands’s stock fell Thursday, after the parent of Modelo and Corona beer brands beat adjusted profit expectations, but only after excluding a large non-cash loss booked for writing down the value of its wine and spirits business.

Alcohol heavyweight Constellation Brands booked a $2.25 billion goodwill impairment tied to its wine and spirits business, swinging it to a loss for the summer quarter.