The Boston Beer Co. Misses Estimates, Top Line Up 3% (SAM)
3/9/2010-The Boston Beer Co. (NYSE: SAM) reported Q4 EPS of 52 cents, missing consensus estimates of 58 cents.
Revenues for the quarter rose 3% year-over-year to $107.2 million, falling short of consensus estimates of $110.83 million.
For 2010, the company expects EPS in the range of $2.35 to $2.65, versus consensus estimates of $2.47.
Jim Koch, Chairman and Founder of the Company, commented, "We reported 5% depletions growth in the fourth quarter, bringing depletions growth for the second half of 2009 to 6%, as compared to a decline of 1% in the first half of 2009. We believe that our fourth quarter depletions continued the improved trends that we identified at the end of the second quarter. Looking to 2010, we are excited about the introduction of our new spring seasonal, Samuel Adams(R) Noble Pils, a hoppy pilsner beer brewed with a recipe that calls for all five varieties of Noble hops, which has initially been well received by drinkers, retailers and wholesalers. While it is too early to judge repeat consumption, we believe that its introduction and our twenty-fifth anniversary celebration are helping us start 2010 strongly and our challenge is to maintain this momentum as we continue to face increased competition from expanded distribution of domestic specialty brands and regional craft brands. We continue to explore ways to improve our sales execution, our brand strength and our position within the craft category and remain positive about the future of craft beer and our potential for future growth."
Write to Chip Brian at cbrian@tradethetrend.com
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