The company behind Modelo and Corona in the U.S. topped Wall Street's forecasts on Tuesday, but investors still sold the stock.

Constellation Brands said net sales rose 6% to $2.63 billion in the quarter that ended Aug. 31. Analysts had expected $2.54 billion, Reuters reported. Adjusted profit was $3.74 a share, beating the $3.56 estimate.

Reuters said sporting events helped, since the FIFA World Cup and the NBA Finals drove watch parties and social drinking.

But the details worried investors. Beer sales rose 5% to $2.47 billion, as the company shipped more cases to distributors. Yet depletions, the cases distributors sold on to stores and bars, fell 0.6%, StockTwits reported. Modelo Especial depletions fell about 2%, and Corona Extra about 5%. Smaller brands grew, with Pacifico up about 19% and Victoria up about 15%.

Modelo is still the top-selling U.S. beer by dollar sales. And Constellation's beer sales beat the overall beer aisle by 4 percentage points in tracked stores. CEO Nicholas Fink said the brands "continued to resonate with consumers."

The company kept its full-year profit forecast of $11.20 to $11.90 a share. But it lowered its forecast for operating margin to 31% to 32%, from 32% to 33%.

Shares dropped as much as about 5% in after-hours trading, after closing up 2% at $115.67 in the regular session. The stock is down about 16% this year.

Constellation also bought SpikedAde, a vodka-based canned drink inspired by sports drink flavors. It paid $75 million up front, plus up to $278 million more over five years if the brand hits targets.

Some background: Drinking has been falling in the U.S. Gallup put the share of Americans who drink at 54% in August, the lowest since 1939, StockTwits noted.

The board declared a $1.03 quarterly dividend, payable Nov. 13.

What we know: Sales and profit beat forecasts, but Modelo and Corona sold fewer cases.
What we don't: Whether smaller brands and new drinks can make up for it.