WHAT TO WATCH FOR: Signs of a recent uptick in domestic wine sales as shoppers take advantage of discounts to trade up to higher-margin alcoholic drinks.

Analyst Tim Ramey of D.A. Davidson & Co. expects Constellation's revenue in the September-to-November period to fall about 4 percent on weaker wine and beer sales. Its shrunken top line also reflects the sale of much of its Australian and British wine business last January.

But Ramey expects a strong fourth quarter with recent Nielsen data showing "accelerating wine sales trends" led by a 13.7 percent year-over-year jump in sales of wines priced upward of $20 a bottle.

Three months ago, the Victor, N.Y.-based company raised its full-year guidance by 10 cents to a range of $1.92 to $2.02 per share.

Its brands range from Robert Mondavi, Clos du Bois and Ravenswood wines to Svedka vodka and Black Velvet Canadian whiskey. Through a joint venture, it also imports moderately priced beers such as Corona Extra, Tsingtao and St. Pauli Girl.

In cost-cutting mode for five years, Constellation has refocused on solidifying its supremacy in higher-margin, "premium-category" wines priced from $5 to $20 a bottle. It has slashed its debt from $5.3 billion to below $3 billion and shrunk its payroll from 9,400 to 4,300.

WHY IT MATTERS: Constellation Brands' results could provide fresh insight into the spending habits of Americans who have been buying less alcohol when dining out.

A year ago, Constellation lost its eight-year status as the world's No. 1 winemaker when it offloaded 80 percent of a once-promising Australian wine business that had gone awry.

It dropped back to No. 2 in the vintner-by-volume rankings behind longtime leader E. & J. Gallo of Modesto, Calif. But it remains the world's biggest premium-category winemaker with an estimated 17 percent share of that segment in the United States.

WHAT'S EXPECTED: Analysts polled by FactSet, whose estimates typically exclude one-time items, expect Constellation to earn 53 cents a share on revenue of $722.8 million.

LAST YEAR'S QUARTER: Constellation earned $139.3 million, or 65 cents per share, lifted by stronger beer and spirits sales, a lower tax rate and fewer charges. Revenue fell 2 percent to $966.4 million.