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Feb. 19, 2020, 5:07 p.m. EST

Boston Beer stock drops on earnings, outlook miss

Boston Beer Co. (NYS:SAM) shares dropped in the extended session Wednesday after the Samuel Adams beer parent company's earnings and outlook fell short of Wall Street estimates. Boston Beer shares fell 8.2% after hours, following a 0.7% rise in the regular session to close at $429.00. The company reported fourth-quarter net income of $13.8 million, or $1.12 a share, compared with $21.8 million, or $1.86 a share, in the year-ago period. Boston Beer said the most recent quarter included a charge of 18 cents a share and a tax benefit of 6 cents a share. Revenue rose to $320.2 million from $239.2 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of $1.56 a share on revenue of $283.8 million. Boston Beer expects adjusted earnings of $10.70 and $11.70 a share, while analysts had forecast $11.77 a share.

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