Boston Beer Co., Inc. (SAM) reported net income for the fourth quarter of $16.9 million or $1.25 per share, compared to $17.8 million or $1.33 per share for the year-ago quarter.
The company said the decrease was mainly due to the favorable impact of a state income tax settlement in the 2011 fourth quarter of $0.16 per diluted share, and the loss of one week.
Net revenue for the fourth quarter rose 8% to $153.0 million from $142.1 million a year ago, mainly due to core shipment volume gains.
Analysts polled by Thomson Reuters expected the company to earn $1.25 per share on revenue of $152.49 million for the fourth quarter.
Core shipment volume was about 729,000 barrels for the 13-week fiscal 2012 fourth quarter, a 9% increase compared to the 14-week fiscal 2011 fourth quarter.
Looking forward, the company forecast full year 2013 earnings of $4.70 to $5.10 per share. Analysts currently expect the company to earn $5.05 per share for the full year 2013.
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