Brewer reports 7% increase in sales in fourth quarter
The Boston Beer Co. Inc., said Tuesday its fourth-quarter profit jumped 63 percent, aided by stronger sales and shipments.
But go figure, the results fell short of Wall Street expectations, sending the company’s shares tumbling more than 9 percent, or $8.51, to $85.50 in aftermarket trading.
The brewer reported net income of $12.2 million compared with net income of $7.5 million in the comparable prior-year quarter. Net revenue rose 8 percent to $115.7 million from $107.2 million in the prior-year period. The company credited the revenue increase on gains in core shipments and minor price increases.
Core shipments were up 7 percent from the same period a year earlier.
The company anticipates core shipments from January through April will be up about 6 percent from the prior-year period.
Chairman Jim Koch said the company plans to expand its “Freshest Beer Program,” which reduces the time and temperature of its beer at wholesaler warehouses before it reaches the market, to 10 additional wholesalers in the first quarter.