Shares Boston Beer Co. rallied after hours on Thursday after the alcoholic-beverage maker reported second-quarter results that beat estimates.
Shares Boston Beer Co. rallied after hours on Thursday after the alcoholic-beverage maker reported second-quarter results that beat estimates, as the Fourth of July holiday and demand for Twisted Tea helped make up for weaker seltzer demand.
The company — which makes beverages such as Samuel Adams beer, Truly seltzer and Twisted Tea — reported net income of $58 million, or $4.72 a share, compared with $53.3 million, or $4.31 a share, in the same quarter last year. Revenue fell 2.1% to $603.3 million, compared with $616.2 million in the prior-year quarter.
Management stuck with its full-year per-share profit outlook of $6 to $10, as well as its outlook for fewer shipments and alcohol sales to retailers. But it said it expected higher advertising and promotional expenses.
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