Boston Beer Shares Down 3% on Q1 Earnings Miss By Investing.com

© Reuters. Boston Beer Shares Down 3% on Q1 Earnings Miss

Boston Beer Co. (NYSE:) shares were trading more than 3% lower after-hours following the company’s reported Q1 results, with earnings per share coming in at ($0.16), significantly missing the consensus estimate of $1.97. Revenue declined 21.1% year-over-year to $430.1 million, compared to the consensus estimate of $444.77 million.

Depletions in Q1 decreased 7% year-over-year, reflecting decreases in Truly Hard Seltzer, Angry Orchard, and Dogfish Head brands, partially offset by increases in its Twisted Tea brand, while Samuel Adams brand depletion volume was nearly the same.

The company provided its full 2022-year outlook, expecting EPS to range from $11.00 to $16.00, compared to the consensus estimate of $13.85. Depletions and shipments are expected to increase by 4%-10%.

Shares of SAM are down 32% year-to-date.

By Davit Kirakosyan