Boston Beer Scraps FY21 Guidance

Boston Beer Company Inc SAM has withdrawn its 2021 guidance issued on July 22, 2021, citing uncertainty about hard seltzer demand trends and the resulting impact on its volume trends.
The company currently expects FY21 EPS to fall below the previously expected $18.00 - $22.00, excluding ASU 2016-09 impact.
Further, Boston Beer now expects to incur hard seltzer-related inventory write-offs, shortfall fees payable to 3rd party brewers, and other costs that will be expensed during the remainder of fiscal 2021.
The company also cited Industry reports that have estimated full-year 2021 volume for the hard seltzer market retail sales will have over 100 million fewer cases than the volumes estimated in May 2021 and over 30 million fewer cases than the volumes estimated in July 2021.
Price Action: SAM shares are trading lower by 8.11% at $513.00 on the last check Thursday.