Boston Beers lifts full-year earnings guidance
BOSTON (AP) — The Boston Beer Co. on Wednesday raised its earnings forecast full-year 2012 to a level above Wall Street's expectations. The stock surged more than 12 percent in after-market trading.
The brewer of Samuel Adams beer cited increased shipment volumes and the timing of certain selling, general and administrative expenses.
Boston Beer now expects 2012 earnings per share to range from $4.30 to $4.60, up from its previous guidance of $3.80 to $4.20.
Analysts surveyed by FactSet expect the company to post earnings of $4.28 per share, on average.
Boston Beer made the announcement after its shares rose $1.23, or 1.2 percent, to close at $114.23. The stock added $14.27 to $128.50 in after-market trading.