Beer and beverage giant, The Boston Beer Company (NYSE: SAM) went up in pre-market trading at the time of writing on Friday after the owner of the Samuel Adams brand reported Q2 earnings of $4.72 per share, up by 9.5% year-over-year and exceeding consensus estimates of $3.38 per share.
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The company’s Q2 revenues declined by 2.1% year-over-year to $603.3 million, beating consensus estimates of $590.03 million. Depletions in the second quarter fell 3% year-over-year while shipment volume was around 2.3 million barrels, a 4.5% drop year-over-year driven by declines in the company’s Truly Hard Seltzer, Angry Orchard, Samuel Adams, Hard Mountain Dew, and Dogfish Head brands.
Looking forward, SAM reiterated its FY23 outlook with depletions and shipment volumes both expected to decline in the range of 2% to 8% each while earnings are likely to be between $6 and $10 per share.
Analysts remain sidelined about SAM stock with a Hold consensus rating based on one Buy, four Holds, and two Sells.