Boston Beer Company (NYSE:SAM) experienced a significant intra-day drop of over 17% on Wednesday, following its fiscal fourth-quarter earnings report, which revealed a larger-than-expected loss and provided a pessimistic outlook for the full year.
The company posted Q4 EPS of ($1.49), significantly below Wall Street expectations of ($0.34). Revenue for the quarter was $393.72 million, falling short of the anticipated $413.77 million.
Despite these challenges, Boston Beer’s gross margin improved slightly, rising to 37.6%, a 60 basis point increase year-over-year. For the full year of 2024, the company anticipates earnings per share to range from $7.00 to $10.00, which is below the analyst consensus estimate of $11.39.