The Boston company reported adjusted third-quarter earnings of $6.51 a share, compared with the $4.63 consensus estimate of analysts surveyed by FactSet.
Revenue of $492.8 million rose 30% year over year and missed the analyst consensus of $519.5 million.
The company said growth in Truly Hard Seltzer and Twisted Tea was offset partly by decreases in its Samuel Adams, Angry Orchard and Dogfish Head brands.
Boston Beer said it expected growth of the Truly brand, led by Truly Lemonade Hard Seltzer, to lead the growth of the business into 2021.
The company also said it would launch Truly Iced Tea Hard Seltzer; Truly Extra, a higher alcohol-by-volume version of Truly, and new Truly flavors in early 2021.
"Truly is the only national hard seltzer, not introduced earlier this year, to grow its share during 2020," Chief Executive Dave Burwick said.
"We will continue to invest heavily in the Truly brand and work to improve our position in the hard-seltzer category as competition continues to increase."
Also among new brands planned for 2021 is Samuel Adams' Just the Haze, Boston Beer's first non-alcoholic beer.
For the full year, Boston Beer expects to earn between $14 and $15 a share. Analysts are expecting earnings of $14.95 for the year.
Boston Beer shares jumped 16% to $1,062.57 Friday morning. The shares well more than doubled in 2020 through Thursday's close.