Boston Beer (NYSE:SAM) Announces Quarterly Earnings Results

Boston Beer (NYSE:SAM) posted its quarterly earnings data on Thursday. The company reported $4.39 earnings per share for the quarter, missing the consensus estimate of $4.99 by ($0.60), Briefing.com reports. The firm had revenue of $579.10 million for the quarter, compared to the consensus estimate of $597.33 million. Boston Beer had a net margin of 4.60% and a return on equity of 10.11%. The business’s revenue was down 4.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.72 earnings per share. Boston Beer updated its FY24 guidance to $7.00-11.00 EPS and its FY 2024 guidance to 7.000-11.000 EPS.

Boston Beer Trading Up 7.5 %

Boston Beer stock traded up $20.31 during trading on Friday, reaching $290.83. The company had a trading volume of 358,724 shares, compared to its average volume of 175,199. Boston Beer has a 52 week low of $254.40 and a 52 week high of $395.52. The firm’s 50-day simple moving average is $286.72 and its 200 day simple moving average is $305.72. The firm has a market capitalization of $3.48 billion, a price-to-earnings ratio of 36.49, a price-to-earnings-growth ratio of 1.04 and a beta of 1.03.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Royal Bank of Canada cut their price objective on Boston Beer from $332.00 to $318.00 and set a “sector perform” rating on the stock in a research report on Friday. The Goldman Sachs Group dropped their price target on Boston Beer from $257.00 to $250.00 and set a “sell” rating on the stock in a research report on Tuesday, April 9th. Jefferies Financial Group raised Boston Beer from a “hold” rating to a “buy” rating and boosted their price target for the stock from $335.00 to $360.00 in a research report on Tuesday, May 14th. Piper Sandler dropped their price target on Boston Beer from $344.00 to $325.00 and set an “overweight” rating on the stock in a research report on Friday. Finally, Roth Mkm dropped their price target on Boston Beer from $395.00 to $389.00 and set a “buy” rating on the stock in a research report on Friday. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $330.21.

About Boston Beer

The Boston Beer Company, Inc produces and sells alcohol beverages primarily in the United States. The company's flagship beer is Samuel Adams Boston Lager. It offers various beers, hard ciders, flavored malt beverages, and hard seltzers under the Samuel Adams, Twisted Tea, Truly, Angry Orchard, Dogfish Head, Angel City, and Coney Island brand names.