Boston Beer Co. shares SAM, -0.73% jumped more than 5% in the extended session Thursday after the maker of Sam Adams and other alcoholic beverages reported an unexpected doubling of profit from the year before amid the COVID-19 pandemic. Chief Executive Dave Burwick credited "increases in our Truly Hard Seltzer and Twisted Tea brands and the addition of the Dogfish Head brands" for some of the demand gains. The company reported second-quarter net income of $60.1 million, or $4.88 a share, compared with $27.9 million, or $2.36 a share, in the year-ago period. Revenue rose to $452.1 million from $318.4 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of $2.34 a share on revenue of $426.2 million. Boston Beer now expects full-year earnings of $11.70 to $12.70 a share, while analysts on average had forecast 2020 earnings of $9.84 a share.
July 24, 2020 at 04:02AM
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Earnings more than double for Sam Adams maker Boston Beer as seltzer sales rise - MarketWatch
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