Boston Beer's stock falls 6% after profit miss as company lowers guidance
Boston Beer Co.'s stock (SAM) tumbled 6% after hours Thursday, after the brewer of Sam Adams beer . The company posted net income of $45.3 million, or $3.70 a share, for the quarter, up from $27.3 million, or $2.21 a share, in the year-earlier period. The number included a non-cash brand impairment charge of 96 cents a share. Revenue fell 0.9% to $601.6 million. The FactSet consensus was for EPS of $4.08 and revenue of $594.0 million. Depletions, a metric that measures the number of cases sold by distributors to retailers, fell 6%, due to decreases in the company's Truly, Angry Orchard, Samuel Adams and Dogfish Head brands, which were partially offset by increases in its Twisted Tea and Hard Mountain Dew brands. The company narrowed and lowered its EPS guidance range and now expects EPS of $6.04 to $8.04 compared with prior guidance of $6.00 to $10.00. It expects depletions to be down 5% to 7%, compared with prior guidance of down 2% to 8%. The stock has gained 11% in the year to date, while the S&P 500 has gained 94%.
-Ciara Linnane
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
10-26-23 1642ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
Markets Brief: The Uncertain Path to Neutral Interest Rates
-
What’s Happening in the Markets This Week
-
Where Top Stock Fund Managers Are Looking Next After the Fed Rate Cut
-
Our Top Pick for Investing in US Renewable Energy
-
Undervalued by 25% and Yielding 5%, This Stock Is a Buy
-
Can AI Predict Future Stock Returns?
-
The Best Energy Stocks to Buy Now
-
10 Undervalued Wide-Moat Stocks
-
Obesity Drugs: Can New Firms Take Market Share From Eli Lilly and Novo Nordisk?
-
New 4-Star Stocks
-
Intel Fair Value Left Unchanged Despite Qualcomm Takeover Talk