* Q3 adj EPS $0.50 vs est. $0.52
* Q3 rev down 27 pct to $701 mln vs est. $720.4 mln
* Backs fiscal 2012 EPS outlook
* Shares fall as much as 6 percent
Jan 5 (Reuters) - Constellation Brands Inc reported quarterly results that lagged analysts' expectations on lower volume in its North American segment, sending the world's largest branded wine maker's shares down 6 percent.
However, for the full year, the company reiterated its earnings outlook, as it expects to see improving sales trends in the fourth quarter.
Constellation, whose brands include Robert Mondavi and Ravenswood, posted a 27 percent decline in third-quarter net sales to $701 million, hurt partly by the divestiture of its Australian and U.K. wine business.
North American net sales fell 8 percent.
The New-York based Constellation's equity income from half of a joint venture with Mexico's Grupo Modelo that imports Corona beer into the United States declined 25 percent.
Excluding items, Constellation earned 50 cents a share.
Analysts, on average, had expected earnings of 52 cents a share on revenue of $720.4 million, according to Thomson Reuters I/B/E/S.
Auriga analyst Gary Albanese, who expects Constellation to meet its full-year earnings goal, however, said the company continues to do well in terms of margins and free cash flow.
The company's shares were trading down about 5.5 percent at $19.30 on Thursday morning on the New York Stock Exchange. The shares, which have risen about 12 percent since the company reported second-quarter results in October last year, touched a low of $19.15 earlier.
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