FAIRPORT, N.Y. — Constellation Brands Inc., the world’s biggest winemaker, said Thursday its profit edged up 1 percent in its third quarter, helped by sales of imported beer and branded wine but crimped once more by heightened competition in Britain.

Shares of the company whose 200-plus brands range from jug wines to coveted California reds such as Ravenswood and Estancia skidded more than 11 percent as the results were below Wall Street expectations.

Beverage giant Constellation bought Robert Mondavi Corp. in Oakville in Nov. 4 2004.

The company also imports beer such as Corona and St. Pauli Girl and liquors like Fleischmann’s vodka, 99 Schnapps, Skol gin and Black Velvet Canadian whiskey.

Net income available to common shareholders totaled $107.8 million, or 45 cents a share, in the three months ended Nov. 30 compared with $106.5 million, or 46 cents a share, a year earlier.

Excluding acquisition-related integration costs, restructuring and related charges and unusual items, earnings were 58 cents per share.

Analysts polled by Thomson Financial expected net income of 60 cents per share. Those estimates typically exclude one-time items.

Sales before excise taxes rose 17 percent to $1.83 billion from $1.57 billion last year. After excise taxes are deducted, net sales were $1.5 billion compared with $1.27 billion a year ago.

Branded business net sales grew 18 percent, boosted by the acquisition of Canadian wine company Vincor International Inc. Net sales of imported beer grew 16 percent, and total spirits sales rose 4 percent.

A 29 percent jump in branded wine sales in North America drove an overall 21 percent increase in branded wine sales on a constant-currency basis. But net sales fell 3 percent in Europe, dragged down chiefly in Britain by an abundance of Australian bulk wines.

“The conditions in the U.K. appear to be more difficult than we thought,” said Tim Ramey, an analyst for D.A. Davidson & Co. in Lake Oswego, Ore. “The availability of cheap bulk wine really drives the market there and it’s a big end-market for Australian wines.

“Australia’s had quite a bit of an oversupply” of grapes, Ramey added, but “we’ve seen a significant freeze down there and also a drought. The crop for spring of 2007 is expected to be down 15 to 25 percent.”

Constellation’s chief executive, Richard Sands, said in a conference call with analysts that “while there are some signs that we could see a firming of the Australian bulk wine market, we believe that this challenging environment will likely remain in place for some time. With it in mind, we will continue to focus on increasing operating efficiencies and growing other parts of our business.”

The company expects earnings per share between $1.32 and $1.37 for fiscal 2007 and $1.65 to $1.70 excluding acquisition-related integration costs, restructuring and related charges and unusual items. Analysts were expecting an annual profit of $1.75 per share.

Its shares tumbled $3.23, or 11.3 percent, to $25.27 in heavy afternoon trading on the New York Stock Exchange. The stock had been trading in the upper end of a 52-week range of $23.32 to $29.17.

Based in suburban Rochester, Constellation has been scooping up alcoholic-beverage businesses since the late 1980s. After a six-month chase, it struck a deal last April to buy Vincor, maker of Inniskillin, Jackson-Triggs and Toasted Head wines, for $1.09 billion.

Constellation acquired Australian vintner BRL Hardy Ltd. for $1.1 billion in cash and stock in 2003 in a deal that made it the world’s largest wine business. It jumped further ahead of longtime wine leader E.& J. Gallo Winery of Modesto, when it bought Robert Mondavi Corp. for $1.3 billion.

Wine sales

A 29 percent jump in branded wine sales in North America drove an overall 21 percent increase in branded wine sales on a constant-currency basis.