SAM - Why Boston Beer Stock Was Sliding Today
Shares of Boston Beer (NYSE: SAM) were falling today after the maker of Sam Adams and Truly hard seltzer reported disappointing bottom-line results in its fourth-quarter earnings report and offered weak guidance for 2023.
As of 1 p.m. ET, the stock was down 13.8% on the news.
Though depletions in the quarter, which represent end-volume sales at the retail level, were only up 3%, shipments rose 16.7% and revenue increased 28.6% to $447.5 million as the company benefited from an extra week in the quarter, as well as higher prices. That revenue figure easily beat estimates at $393.7 million.
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Why Boston Beer Stock Was Sliding Today