Boston Beer Q4 Profit Misses Estimates, Revenue Up; Sees FY20 Adj.EPS Below View

(RTTNews) - Boston Beer Co. (SAM) reported that its fourth-quarter net income was $13.76 million or $1.12 per share, down from $21.81 million or $1.86 per share a year ago.

This decrease was primarily due to increases in advertising, promotional and selling expenses and lower gross margins that were only partially offset by the increased revenue.

Net revenue of $301.3 million climbed 33.8 percent from the prior year's $239.24 million, mainly due to an increase in shipments of 31.7 percent.

On average, analysts polled by Thomson Reuters expected earnings of $1.47 per share on revenues of $280.55 million. Analysts' estimates typically exclude special items.

Barrels sold were 1,262 in the quarter, up from 958 last year.

Looking ahead for fiscal 2020, the company expects adjusted earnings per share, which excludes the impact of ASU 2016-09, at between $10.70 and $11.70. Analysts expect earnings of $11.71 per share.