The Boston Beer Co. Inc.’s third-quarter profit jumped 48 percent, aided by stronger sales and shipments.
The Boston Beer Company, Inc. (NYSE:SAM) reported a third quarter core product depletions increase of 7% as compared to the third quarter of 2009. Net income for the third quarter was $15.4 million, or $1.09 per diluted share, an increase of $5.0 million, or $0.37 per diluted share, from the third quarter of 2009, primarily due to increased core shipment volume, partially offset by increased selling and general and administrative expenses.
The brewer expects core shipments year-to-date through December will be up about 10 percent versus the same period last year. The company affirmed its full-year profit forecast range of $2.85 a share to $3.15 a share, compared with analysts' average view of $3.05 per share.
Boston Beer Company (SAM) shares added $2.58, or 3.5 percent, to $76.25 in aftermarket trading. The stock rose 49 cents to close the regular session at $73.67.
Net revenue for the third quarter of 2010 was $124.5 million, an increase of $15.7 million, or 14%, over the same period last year, mainly due to increases in core products shipment volume.
The Boston Beer Company, Inc. (SAM) is a craft brewer and an independently owned brewer overall in the United States. The Company produces malt beverages and hard cider products at company-owned breweries and under contract arrangements at other brewery locations.
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