Why Boston Beer Is Trading Sharply Lower Today

Boston Beer Co Inc SAM is trading sharply lower Friday morning after the company announced worse-than-expected financial results. 

Boston Beer reported second-quarter earnings of $4.75 per share, which was down from $4.88 per share year-over-year. The company reported quarterly revenue of $602.7 million, which came in below the estimate of $665.25 million. 

'We overestimated the growth of the hard seltzer category in the second quarter and the demand for Truly, which negatively impacted our volume and earnings for the quarter and our estimates for the remainder of the year,' said Dave Burwick, president and CEO of Boston Beer Co.

The company said it expects full-year 2021 earnings to be in a range of $18 to $22 per share, which came in below the estimate of $25.40 per share.

Price Action: Boston Beer has traded as high as $1,349.98 and as low as $652.10 over a 52-week period. 

At last check Friday, the stock was down 20.50% at $753.