SAM - Why Boston Beer Stock Bounced Friday
Shares of craft brewer Boston Beer (NYSE: SAM) popped in the premarket, and initially traded up 8% Friday morning after the maker of Sam Adams beer reported first-quarter earnings Thursday evening. As of 9:45 a.m. EDT, the stock had pared some of those gains, trading almost 3% above yesterday's closing price.
Boston Beer reported earnings of $5.26 per share, blowing past the mean analyst estimate of $2.61 per share. Net revenue of $545 million also soared past estimates and grew 65% from the year-ago period. Much of the credit for the successful quarter can be attributed to the continued success of the company's Truly Hard Seltzer and Twisted Tea brands.
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Why Boston Beer Stock Bounced Friday