Boston Beer Co., Inc. (SAM) Wednesday reported a decline in profit for the second quarter, hurt mainly by higher expenses.
Net income declined to $14.4 million or $1.06 per share from $28 million or $2.01 per share in the year-earlier quarter.
On average, four analysts polled by Thomson Reuters expected the company to earn $1.28 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues totaled $147.5 million, up 10 percent from $134 million last year, mainly due to core shipment growth. Analysts expected revenues of $152.49 million.
Operating expenses totaled $56.9 million, down from $31.2 million last year.
Last year's earnings was benefited by a $20.5 million gain from settlement proceeds.
Looking ahead to the fiscal year 2012, the company re-affirmed its earnings guidance range of $3.80 to $4.20 per share. Analysts currently expect the company to report full year earnings of $4.20 per share.
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