Boston Beer (NYSE:SAM) Issues FY24 Earnings Guidance

Boston Beer (NYSE:SAM) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $8.00-$10.00 for the period, compared to the consensus EPS estimate of $9.51. Boston Beer also updated its FY 2024 guidance to 8.000-10.000 EPS.

Boston Beer Stock Down 2.0 %

Shares of NYSE SAM traded down $5.92 during mid-day trading on Friday, hitting $295.96. 341,052 shares of the company were exchanged, compared to its average volume of 159,857. The stock has a 50 day simple moving average of $279.71 and a 200-day simple moving average of $282.30. Boston Beer has a 1-year low of $254.40 and a 1-year high of $372.61. The firm has a market cap of $3.47 billion, a price-to-earnings ratio of 38.74, a price-to-earnings-growth ratio of 1.23 and a beta of 1.06.

Boston Beer (NYSE:SAM) last issued its quarterly earnings results on Thursday, July 25th. The company reported $4.39 earnings per share for the quarter, missing the consensus estimate of $4.99 by ($0.60). Boston Beer had a return on equity of 9.69% and a net margin of 4.39%. The company had revenue of $579.10 million for the quarter, compared to analyst estimates of $597.33 million. During the same period in the prior year, the business earned $4.72 earnings per share. Boston Beer’s revenue for the quarter was down 4.0% compared to the same quarter last year. Analysts anticipate that Boston Beer will post 9.63 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SAM has been the subject of several recent research reports. UBS Group increased their price target on Boston Beer from $300.00 to $309.00 in a report on Thursday. Royal Bank of Canada reissued a “sector perform” rating and issued a $318.00 target price on shares of Boston Beer in a report on Friday. Deutsche Bank Aktiengesellschaft reduced their target price on Boston Beer from $281.00 to $277.00 and set a “hold” rating for the company in a report on Thursday. Piper Sandler raised their target price on Boston Beer from $325.00 to $330.00 and gave the company an “overweight” rating in a report on Friday. Finally, Jefferies Financial Group downgraded Boston Beer from a “buy” rating to a “hold” rating and reduced their target price for the company from $355.00 to $325.00 in a report on Friday. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $314.82.

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.