Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Boston Beer Q4 Profit Rises On Higher Shipments, Tax Settlement - Update

RELATED NEWS
Trade SAM now with 

Alcohol beverages maker Boston Beer Co. Inc. (SAM: Quote) on Wednesday reported a 46 percent increase in profit for the fourth quarter from last year.

The results reflect increased core shipment volume and the favorable impact of a state income tax settlement. Both earnings per share and revenue topped analysts' expectations. Core shipment volume increased 19 percent from the year-ago period to about 671,000 barrels.

Total company depletions grew 4 percent, primarily due to increases in Twisted Tea and Samuel Adams Seasonals. These were partially offset by declines in Samuel Adams Boston Lager, Sam Adams Light and Samuel Adams Brewmaster's Collection.

Martin Roper, President and CEO of Boston Beer, said, "Shipments in the fourth quarter were higher due to the extra shipping week in the fiscal quarter versus last year, and the earlier shipment of our Samuel Adams Spring Seasonal relative to last year, as we accomplished a conversion from our Winter Seasonal to the new Alpine Spring in early January in most of our markets."

Looking ahead to fiscal 2012, Boston Beer forecasts earnings per share in a range of $3.80 to $4.20. Analysts expect the company to earn $4.14 per share. The company projects depletion growth for the full-year of between 6 percent and 9 percent.

Boston Beer's fourth-quarter net income was $17.79 million or $1.33 per share, up from $12.17 million or $0.87 per share in the year-ago period.

Excluding items, adjusted earnings for the quarter were $1.17 per share. On average, five analysts polled by Thomson Reuters expected the company to report earnings of $1.12 per share. Analysts' estimates typically exclude one-time items.

Net revenue for the quarter rose 23 percent to $142.05 million from $115.74 million in the prior-year quarter, and beat analysts' consensus estimate of $131.62 million.

The higher revenues were mainly due to core shipment volume gains with minor improvement in pricing.

SAM closed Wednesday's trading at $104.58, up $4.37 or 4.36 percent on a volume of 223,710 shares. In after-hours, the stock declined $1.41 or 1.35 percent to $103.17.

Register
To receive FREE breaking news email alerts for Boston Beer Company Inc and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Swiss drug maker Roche Holding said a late-stage trial of its breast cancer drug Kadcyla did not provide superior results compared with an existing therapy. FCA US, until recently known as Chrysler, said Friday it is recalling 257,000 Dodge Ram pickups. The auto maker says the rear axle pinion nut on certain model year 2005 Dodge Ram 1500 trucks may loosen due to an undersized spline on the pinion gear. If the pinion nut loosens, the rear axle may... This medical device company has a very impressive track record of growing business over the past decade. increasing sales from $490.2 million in 2004 to $1.72 billion this year. The Silicone Hydrogel daily disposable lens portfolio constitutes a major avenue for growth.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.