Boston Beer Co. (SAM - Get Report) , maker of Samuel Adams beer and other brands, soared 12.01% to $300.51 Thursday after the alcoholic beverage maker beat Wall Street's fourth-quarter earnings expectations.
The Boston-based company reported adjusted earnings of $1.84 a share, surpassing analysts' expectations of $1.77. Revenue increased 9.2% to $225.2 million, mainly due to an increase in shipments of 6.3%, and bested Wall Street's estimate of $223 million.
For the year, the company reported profit of $92.7 million, or $7.82 a share. Revenue totaled $995.6 million.
The company said it expects full-year earnings in the range of $8 to $9 a share.
Depletions, the total number of cases sold by a distributor to retailers, increased 11% and 13% from the comparable quarter and year, respectively. Full-year 2019 depletion and shipment growth is now estimated between 8% and 13%.
Dave Burwick, president and CEO, said in a statement that "our depletions growth in the fourth quarter was the result of increases in our Truly Hard Seltzer, Twisted Tea and Angry Orchard brands that were only partially offset by decreases in our Samuel Adams brand."
"We are still seeing challenges across the industry, including a general softening of the craft beer category and retail shelves that offer an increasing number of options to drinkers," Jim Koch, chairman and founder, said in a statement. "We continue to work hard on our Samuel Adams brand messaging, focusing on communicating our artisanal care in the brewing of Samuel Adams Boston Lager. While it's still early, it appears that our new advertising campaign has noticeably improved Boston Lager's trends. We plan to continue to invest in this campaign in the coming months, with the goal of further improving trends and returning Samuel Adams to growth."