RTTNews | Jul 23, 2021 11:05AM EDT

11:04 Friday, July 23, 2021 (RTTNews.com) - Shares of The Boston Beer Company, Inc. (SAM) tumbled more than 24% in the morning trade on Friday.

Thursday the company reported second quarter results, that fell short of the Street view. Boston Beer also provided full-year earnings outlook, lower than the consensus estimate.

Net income for the second quarter was $59.2 million or $4.75 per share, down from $60.14 million or $4.88 per share in the same quarter a year ago. On average, 10 analysts polled by Thomson Reuters expected the company to report earnings of $6.85 per share.

Net revenue for the quarter, however, increased 33.3% year-over-year to $602.81 million. The consensus estimate was for $665.25 million.

The company said depletions increased 24% in the second quarter.

"Our depletions growth in the second quarter was a result of increases in our Truly Hard Seltzer, Twisted Tea, Samuel Adams and Dogfish Head brands that were only partially offset by decreases in our Angry Orchard brand," Dave Burwick, the Company's President and CEO.

Looking forward to the full-year, the company projects earnings per share to be between $18.00 and $22.00. Analysts expect earning of $25.4 per share for the period.

SAM, currently at $715.53, has been trading in the range of $653.06- $1,349.98 in the last one year.

Read the original article on RTTNews ( https://www.rttnews.com/3211543/boston-beer-tumbles-24-as-quarterly-results-outlook-shy-of-estimates.aspx)

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