Boston Beer Drops After Q4 Earnings Miss
The Boston Beer Company< (NYSE: SAM) is down than five percent in after hours trading after the company announced its fourth quarter results.
Famous for producing the Sam Adams brand, The Boston Beer Company reported a Q4 EPS of $1.33 versus the Street estimate of $1.49.
Despite this earnings miss, earnings per share were up five percent from the year-ago period.
Revenue came in at $205.4 million versus the Street estimate of $193.29 million. Sales were up 34 percent year-over-year.
"I am pleased with our depletion growth in 2013, and especially gratified that our flagship Samuel Adams Boston Lager, one of the original craft brews, continued to grow in 2013 as we enter our 30th year of brewing this beer," Jim Koch, founder and chairman of Boston Beer, said in a company release.
"I am pleased that The Boston Beer Company continues to help lead the craft beer industry both in innovation and variety, and that drinkers remain excited by our beers. Our growth is also attributable to strong sales execution and support from our distributors and retailers, as well as our great quality beers, innovation capability and strong brands."
Koch also said that the company is releasing several new beers during the first quarter that should "continue this momentum."
"Our new spring seasonal brew, Samuel Adams Cold Snap, a unique and approachable white ale brewed with a blend of exotic spices, has launched and appears to be well received by drinkers and retailers alike," he added.
Boston Beer estimated that its FY2014 EPS will fall between $6.00 and $6.40. This is a bit lower than Wall Street's estimate of $6.47.
At market close Monday, February 24, Boston Beer's share were up more than four percent year-to-date.
Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.
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