Boston Beer Soars After Lifting Full-Year Guidance
Shares of Boston Beer (NYSE: SAM) soared in Wednesday's after hours trading session after the company lifted its full-year earnings guidance following the closing bell. Shares rose around 13 percent to trade near $129.00. Although volume in the after hours has been very light, there were a number of aggressive bidders pushing the stock up sharply. The name should capture significant attention on Thursday.
The company cited increased shipment volumes and the timing of certain selling, general and administrative expenses in lifting its outlook. Boston Beer now expects 2012 earnings per share to be between $4.30 and $4.60. This compares to its previous outlook of $3.80 to $4.20 per share for the full-year. The updated guidance is above analysts' current consensus EPS estimates of $4.21.
Boston Beer also said that depletions growth for the year will be between 11 percent and 13 percent. For 2013, the company increased its depletions growth projection to between 10 percent and 15 percent versus its prior growth estimates of high single digits.
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