BOSTON (AP) — BOSTON (AP) — Boston Beer Co. (SAM) on Thursday reported third-quarter net income of $33.5 million.
On a per-share basis, the Boston-based company said it had net income of $2.86. Earnings, adjusted for asset impairment costs, were $5.35 per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $4.96 per share.
The brewer posted revenue of $642.1 million in the period. Its adjusted revenue was $605.5 million, which missed Street forecasts. Five analysts surveyed by Zacks expected $605.7 million.
Boston Beer expects full-year earnings in the range of $8 to $10 per share.
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