Boston Beer earnings for the fourth quarter of 2018 has SAM stock heading higher on Thursday.

Boston Beer (NYSE:SAM) reported earnings per share of $1.86 for the fourth quarter of the year. This is down from its earnings per share of $2.57 in the fourth quarter of 2017, which included a one-time benefit from the Tax Cuts and Jobs Act of 2017. Despite the drop, it was good news for SAM stock by beating out Wall Street’s earnings per share estimate of $1.70 for the period.

Net income reported in the Boston Beer earnings release for the fourth quarter of 2018 was $21.81 million. This is a drop from the company’s net income of $30.53 million reported in the same period of the year prior.

Boston Beer earnings for the fourth quarter of the year also includes operating income of $28.85 million. The company’s operating income from the fourth quarter of the previous year was $14.86 million.

The Boston Beer earnings report for the fourth quarter of 2018 also has revenue coming in at $225.22 million. This is an increase over the company’s revenue of $206.32 million reported during the same time last year. However, this is below Wall Street’s revenue estimate of $227.86 million for the quarter, but that wasn’t able to keep SAM stock down today.

Boston Beer also provides its outlook for the full year of 2019 in its most recent earnings report. The beer brewing company is expecting earnings per share between $8.00 and $9.00 for the year. Wall Street is looking for earnings per share of $8.51 for 2019.

SAM stock was up 12% as of Thursday morning.

As of this writing, William White did not hold a position in any of the aforementioned securities.