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The Associated Press November 1, 2011, 9:59PM ET

Boston Beer 3Q profit rises on higher revenue

Boston Beer Co., which brews Samuel Adams beer, said Tuesday that its profit grew in the third quarter as shipments increased.

The company reported net income of $16.3 million, or $1.19 a share, for the three months ended Sept. 24. That compares with net income of $15.4 million, or $1.09 a share, in the comparable period last year.

Net revenue surged 8 percent to $134.8 million from $124.5 million a year earlier, driven by a 7 percent gain in shipment volume.

Analysts were anticipating, on average, earnings of $1.13 a share on $131.9 million in revenue, according to FactSet.

"We are happy with the health of our brand portfolio and remain positive about the future of craft beer," said Jim Koch, chairman and founder.

The executive said that the company is still aiming to have 50 percent of its volume coming from its Freshest Beer Program by the end of this year and believes the company could reach 70 percent by the end of 2012.

The program reduces the time and temperature of its beer at wholesaler warehouses before it reaches the market.

The company expects 2011 earnings per share will range from $3.60 to $3.90. Analysts are anticipating earnings of $3.68 a share.

Boston Beer shares added $4.20, or about 5 percent, to $90.57 in aftermarket trading. The stock fell $2.11, or 2.4 percent, to $86.37 during the regular session.

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