Boston Beer (NYSE:SAM) earnings for first quarter of 2020 has SAM stock falling after-hours Wednesday. That comes after reporting diluted earnings per share (EPS) of $1.49, which is below Wall Street’s estimate of $1.77. However, the maker of Samuel Adams beer’s revenue of $352.23 million is above analysts’ estimates of $346 million.
The following are some additional details worth noting from the most recent Boston Beer earnings report.
- Diluted per-share earnings are down 26.24% from $2.02 during the first quarter of 2019.
- Revenue comes in 31.65% higher than the $267.56 million reported in the same period of the year prior.
- Operating income of $21.53 million is a 26.87% decrease year-over-year from $29.44 million.
- The Boston Beer earnings report also includes a net income of $18.23 million.
- That’s a 23.05% drop compared to its net income of $23.69 million from the same time last year.
Jim Koch, chairman and founder of Boston Beer, said this about the SAM earnings:
“Our business in the first quarter was strong but there remains significant uncertainty due to COVID-19. These uncertainties include our continued ability to operate our breweries at a level of safety that meets our standards, the continued ability to distribute to the off-premise retail locations, the duration of the current on-premise shutdown, and how long consumer pantry loading will continue in the weeks ahead.”
Boston Beer doesn’t include an outlook in its current earnings report. Many companies are foregoing outlooks as the novel coronavirus causes chaos for the economy.
SAM stock was down 6.65% after-hours Thursday.
As of this writing, William White did not hold a position in any of the aforementioned securities.