On Thursday, the American wine and spirits manufacturer Constellation Brands Inc. posted much-better-than-expected quarterly earnings, inspite of the fact that many consumers were now looking to make the most of the lower-priced drinks being offered during recession.

Maker of popular wine brands like Robert Mondavi, Clos du Bois and Ravenswood, shared that net earnings for the fiscal year's third quarter up-to November 30 dropped by 47% to $44.1 Million, or 20 cents per share, as compared to the drop of $83.5 Million, or 38 cents a share, posted for the same period last year.

After exclusion of certain items, Constellation's per share earnings for the quarter stood at 54 cents.

The actual figures have managed to beat the expectation pegged by analysts who were expecting a per share earnings of 52 cents.

Total sales for the period fell by 4%.

In pre-market trading, shares of the company managed to gain 1%.