Boston Beer Co. Inc.'s (SAM) net income for the first quarter was $6.9 million, or $0.51 per share, down from $7.4 million or $0.56 per share in the same quarter last year.
The decrease was primarily due to higher cost of goods, increased investments in advertising, promotional and selling expenses, among others, said Boston Beer.
Net revenue was $135.9 million, an increase of $22.7 million or 20%, over $113.2 in the same period last year, mainly due to core shipment growth of 18%.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.60 per share on revenues of $129.98 million for the quarter. Analysts' estimates typically exclude special items.
Full year 2013 estimated earnings per share remain unchanged at $4.70 to $5.10. Analysts expect the company to report earnings of $4.95 per share for fiscal 2012
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