Boston Beer Profit Rises, Reaffirms FY Guidance; Stock Down 3%

(RTTNews) - Boston Beer Co Inc (SAM) on Wednesday reported first-quarter net earnings of $13.7 million or $1.00 per share compared with $8.3 million or $0.62 per share last year.

Revenues for the quarter were up 8.5% at $199.5 million compared with $183.8 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.68 per share on revenues of $204.2 million for the quarter. Analysts' estimates typically exclude special items.

The company said it benefited from core shipment growth of 6% in the quarter, as well as improved gross margins. The company achieved price increases of about 2% in the quarter.

"Looking forward, we expect to maintain a high level of brand investment, as we pursue sustainable growth and innovation. We remain prepared to forsake the earnings that may be lost as a result of these investments in the short term, as we pursue long term profitable growth," said CEO Martin Roper.

For the full year, the company still expects earnings of $7.10 to $7.50 per share, while analysts expect $7.59 per share.

Shares of the company were losing $5.80 or 2.23% at $252.60 in after-hours trade on the NYSE.