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Boston Beer Co.’s shares lost their fizz following the release of second quarter earnings as results were impacted by weaker than expected hard seltzer sales.
Shares dropped 18% to $773.88 in after-hours trading after the brewer cut its financial projections.
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“We overestimated the growth of the hard seltzer category in the second quarter and the demand for Truly, which negatively impacted our volume and earnings for the quarter and our estimates for the remainder of the year’, said Chief Executive Dave Burwick.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SAM | BOSTON BEER CO., INC. | 947.54 | +17.54 | +1.89% |
Boston Beer expects full-year earnings in the range of $18 to $22 per share, that’s down from $22 to $26 per share.
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Boston Beer reported second-quarter net income of $59.2 million.
The company said it had profit of $4.75 per share. Earnings, adjusted for pretax gains, were $4.72 per share.
The brewer posted revenue of $641.3 million in the period. Its adjusted revenue was $602.8 million.
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The results fell well short of estimates of $6.60 a share in profit and $658 million in revenue, according to FactSet.
The Associated Press contributed to this report.
