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SAM - Why Boston Beer Stock Soared to a New All-Time Today
Boston Beer Company Inc.
Shares of Boston Beer (NYSE: SAM) surged more than 26% to a new closing high of $828.34 on Thursday, after the alcoholic-beverage maker delivered blockbuster second-quarter results.
Boston Beer's revenue surged 42% year over year to $452.1 million, fueled by a 39.8% jump in shipments. Net income, meanwhile, rocketed 116% higher, to $60.1 million, or $4.88 per share. Wall Street's estimates were for revenue and earnings per share of only $426.2 million and $2.34, respectively.
Boston Beer's stock rocketed higher on Friday. Image source: Getty Images.