Happy hour started early today for brewer Boston Beer (SAM), which bubbled 15% higher in afternoon trading after the company's second-quarter earnings report from yesterday smashed expectations.
For the period ended, June 29, the craft beer brewer reported earnings of $19.7 million, or $1.45 a share, up from $14.4 million, or $1.06 a share a year prior. Boston Beer reported revenue of $181.3 million.
Analysts polled by Thomson Reuters forecasted earnings of $1.34 a share on revenue of $175 million.
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In a press release on the company's website, Founder and Chairman Jim Koch credited some of the company's success to the popularity of several brews including the company's seasonal beers and the Samuel Adams Boston Lager brand.
"We were also delighted to learn, that for the fifth year in a row, our wholesalers ranked us the number one beer supplier in the industry, in the annual poll of beer wholesalers conducted by Tamarron Consulting, a consulting firm specializing in the alcohol beverage distribution industry," said Koch.
We'll say 'cheers!' to that!
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