Alcoholic drinks maker Constellation Brands Inc reported a higher than expected quarterly adjusted profit on Friday, as higher wine and vodka sales made up for weak imported beer sales, but forecast full-year earnings that would fall short of Wall Street estimates.

Constellation, which owns Svedka vodka, reported a net loss of $51 million, or 23 cents per share, for its fiscal fourth quarter ended February 28, compared with a loss of $406.8 million, or $1.88 per share, a year earlier.

But excluding restructuring charges, it made 27 cents per share. Analysts on average were expecting 24 cents per share on sales of $733.8 million, according to Thomson Reuters I/B/E/S.

Overall sales fell 3.5 percent to $708.7 million.

The company said it expects to earn between $1.53 per share and $1.68 per share in fiscal 2011, below analysts' forecast of $1.77 per share.

Constellation shares were down 26 cents to $16.59 in premarket trading.

Constellation has a stake in Crown Imports, a joint venture with Mexico's Grupo Modelo that imports beers like Corona into the United States.

(Reporting by Phil Wahba; additional reporting by Martinne Geller, editing by Gerald E. McCormick)