Shares of Boston Beer Co.
dropped more than 11% in the extended session Wednesday after the beverage company reported a surprise fourth-quarter loss, saying that margins came in below expectations mostly due to its production mix and “supply-chain inefficiencies.” Boston Beer lost $11.4 million, or 93 cents a share, in the quarter, compared with a loss of $51.8 million, or $4.22 a share, in the year-ago period. Revenue rose to $476 million from $373 million a year ago. Analysts polled by FactSet expected earnings of 60 cents a share on sales of $393 million for the quarter. “Although near-term trends remain challenging because of the hard seltzer category’s trajectory, we have strong brands across multiple segments, the top salesforce in beer and a highly cash generative business with a strong balance sheet,” Chairman and Founder Jim Koch said in a statement. Boston Beer guided for 2023 GAAP per-share earnings between $6 and $10. The analysts surveyed by FactSet expect 2023 GAAP EPS of $7.37. The stock ended the regular trading day up 1.9%.