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The Boston Beer Company Reported Disappointing Q3 Results
Oct 22, 2021 6:02 PM - Davit Kirakosyan
Image credit: FMP
The Boston Beer Company, Inc. (NYSE:SAM) reported disappointing Q3 earnings results, which were driven by a slowdown in hard seltzer growth and material shortfall costs.
The company’s quarterly net sales of $561.6 million was 5% ahead of the Street estimate of $534.7 million; however, this was the only positive from the results. The company reported an operating loss of $75.8 million, representing a huge 202% miss versus the Street estimates, while diluted EPS of -$4.76 was 215% below the consensus estimate.
The company now expects full 2021-year GAAP diluted EPS to range from $2 to $6, c76% below current consensus at the mid-point. For the full 2022-year, the company is guiding to depletions and shipments growth of between mid-single-digits and low-double-digits, expecting the hard seltzer category to grow 0-10% year-over-year.
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