Boston Beer stock suffers record selloff as analysts slash targets after big earnings miss

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Boston Beer was Truly surprised by the demand for hard seltzer fizzling out so quickly. 'We were surprised at the sharpness and the suddenness of the change in trajectory,' said Chairman and Founder James Koch.

Shares of Boston Beer Co. Inc. suffered a record plunge to a one-year low Friday, as an avalanche of analysts slashed their price targets following the alcoholic beverages company’s biggest earnings miss in years.

“ “[T]o be totally honest, we were surprised at the sharpness and the suddenness of the change in trajectory.” ” Revenue rose 33% to $602.8 million, but was 8.3% below the FactSet consensus of $657.6 million, the biggest miss since the company missed revenue expectations by 9.1% in the third quarter of 2016.

Chairman and Founder James Koch said on the post-earnings conference call with analysts that Truly seltzer sales were at a “really choppy” point, as the company was lapping “crazy times” last year when the COVID-19 pandemic led to pantry loading. “So, it’s a really, really murky crystal ball,” Koch said. “It’s more like looking into a bowling ball. You can’t see much.”

“Despite the recent pullback in the stock, we see a negative risk-reward as key growth engine slows sharply/competition ramps with visibility clearly constrained, Street [estimates] still too high, and ~40x [price-to-earnings ratio] at risk of further de-rating as expectations further reset,” Grundy wrote.

 

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Maybe if it didn’t taste awful…

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Boston Beer stock tumbles 26% after weak Truly hard seltzer sales weigh on earningsShares of Boston Beer tumbled 26% in morning trading after disappointing demand for hard seltzer dragged down the company's quarterly earnings and revenue. This is what Mike Lindell drinks before he does a video about MyPillow or Donald Trump. The entire hard seltzer category is overpriced. White Claw will have an equally epic collapse.
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แหล่ง: CNBC - 🏆 12. / 72 อ่านเพิ่มเติม »

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