Boston Beer (NYSE:SAM) Posts Earnings Results, Misses Estimates By $0.60 EPS

Boston Beer (NYSE:SAM) posted its quarterly earnings results on Thursday. The company reported $4.39 EPS for the quarter, missing analysts’ consensus estimates of $4.99 by ($0.60), Briefing.com reports. The company had revenue of $579.10 million during the quarter, compared to the consensus estimate of $597.33 million. Boston Beer had a return on equity of 10.11% and a net margin of 4.60%. The company’s revenue for the quarter was down 4.0% on a year-over-year basis. During the same quarter in the previous year, the company 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 Stock Performance

Shares of NYSE SAM traded up $20.31 during trading on Friday, hitting $290.83. 358,724 shares of the company were exchanged, compared to its average volume of 175,199. Boston Beer has a 12-month low of $254.40 and a 12-month high of $395.52. The company has a fifty day moving average price of $286.51 and a 200-day moving average price of $306.05. The firm has a market capitalization of $3.48 billion, a PE ratio of 36.06, a P/E/G ratio of 1.04 and a beta of 1.03.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. The Goldman Sachs Group cut their price target on shares of Boston Beer from $257.00 to $250.00 and set a “sell” rating on the stock in a report on Tuesday, April 9th. Citigroup decreased their price objective on shares of Boston Beer from $350.00 to $315.00 and set a “neutral” rating for the company in a research report on Tuesday, April 16th. Royal Bank of Canada cut their price target on shares of Boston Beer from $332.00 to $318.00 and set a “sector perform” rating on the stock in a report on Friday. StockNews.com downgraded shares of Boston Beer from a “buy” rating to a “hold” rating in a report on Wednesday, June 12th. Finally, Piper Sandler decreased their target price on Boston Beer from $344.00 to $325.00 and set an “overweight” rating on the stock in a research report on Friday. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target 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.