SAM - Why Boston Beer Popped on Friday
Shares of Sam Adams brewer The Boston Beer Company (NYSE: SAM) popped their top on Friday, surging 17.6% through 1 p.m. ET after beating earnings last night.
Expected by Wall Street analysts to earn a pro forma profit of $3.07 per share on sales of $567.8 million, Boston Beer instead ended up earning $2.21 per share when calculated according to generally accepted accounting principles ( GAAP ). Plus $1.61 per share in non-cash impairment charges, that equals $3.82 per share, pro forma , with sales coming in at $596.5 million.
Sales for the quarter climbed 6% year over year, with shipment volume increasing a bit more than 1%. Management noted that deliveries of the company's Twisted Tea, Hard Mountain Dew, and Samuel Adams brands were strong, while deliveries of Truly Hard Seltzer, Angry Orchard, and Dogfish Head beer were weaker.
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Why Boston Beer Popped on Friday