Constellation Brands reported weaker-than-expected first-quarter results as higher U.S. tariffs and softer consumer spending weighed on sales of its flagship imported beers Corona, Modelo and Pacifico. Net sales fell 6% year on year to $2.52 billion, missing analyst estimates, while net income slid to $516 million from $877 million a year earlier. Adjusted earnings were $3.22 a share, below Wall Street forecasts, sending the stock about 1% lower in early New York trading. The brewer blamed the shortfall on a 3.3% decline in beer shipment volumes and rising input costs after Washington doubled aluminum tariffs to 50% in June and imposed a 25% levy on foreign beer in April. Chief Executive Officer Bill Newlands said demand was muted in key markets and among lower-income consumers, calling the pullback “non-structural socioeconomic” in nature. Operating margin narrowed by about 150 basis points, reflecting both the tariff impact and promotional spending. Despite the sluggish start, Constellation reaffirmed its full-year outlook for comparable earnings of $12.60 to $12.90 a share and projected organic net sales to range from a 2% decline to a 1% increase. The company said it will continue to focus on higher-margin premium beer, wine and spirits brands while monitoring the effect of trade policy and immigration-related consumer sentiment on demand.