Boston Beer Company Inc (NYSE: SAM) shares are trading lower by 3.62% to $324.00 during Thursday's after-hours session after the company reported worse-than-expected third-quarter EPS results.
What Happened?
Boston Beer reported quarterly earnings of $2.21 per share, which missed the analyst consensus estimate of $3.49 by 36.68 percent. The company also reported quarterly sales of $596.45 million, which beat the analyst consensus estimate of $574.39 million by 4%. This sales figure represents a 6% increase over sales of $561.64 million in the same period last year.
"I continue to be optimistic about the long-term growth outlook for Boston Beer's diversified beverage portfolio," said Chairman and Founder Jim Koch. "Based on our year-to-date performance and our view on the remainder of the year, we have narrowed the range of our fiscal 2022 financial guidance."
Boston Beer sees FY22 adjusted EPS of $7.00-$11.00 versus the consensus of $8.33.
"As we continue to navigate through this dynamic operating environment, we remain committed to investing in innovation and brand support across our Beyond Beer portfolio. We operate in attractive segments and believe our strong capabilities – combined with the top salesforce in beer – position us well to deliver long-term value."
According to data from Benzinga Pro, Boston Beer has a 52-week high of $547.71 and a 52-week low of $287.00.
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