Boston Beer’s stock falls 6% after profit miss as company lowers guidance

Boston Beer Co.’s stock SAM, -2.01% tumbled 6% after hours Thursday, after the brewer of Sam Adams beer . The company posted net income of $45.3 million, or $3.70 a share, for the quarter, up from $27.3 million, or $2.21 a share, in the year-earlier period. The number included a non-cash brand impairment charge of 96 cents a share. Revenue fell 0.9% to $601.6 million. The FactSet consensus was for EPS of $4.08 and revenue of $594.0 million.

Depletions, a metric that measures the number of cases sold by distributors to retailers, fell 6%, due to decreases in the company’s Truly, Angry Orchard, Samuel Adams and Dogfish Head brands, which were partially offset by increases in its Twisted Tea and Hard Mountain Dew brands. The company narrowed and lowered its EPS guidance range and now expects EPS of $6.04 to $8.04 compared with prior guidance of $6.00 to $10.00.

Россия Последние новости, Россия Последние новости

Similar News:Вы также можете прочитать подобные новости, которые мы собрали из других источников новостей

SunPower’s stock slides 9% after company says it will restate recent financialsCiara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.
Источник: MarketWatch - 🏆 3. / 97 Прочитайте больше »

Penske Automotive’s stock slides premarket after profit miss amid ‘challenging’ used car marketCiara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.
Источник: MarketWatch - 🏆 3. / 97 Прочитайте больше »