Associated Press and businessweek.com
Shares of the brewer of Samuel Adams beer reached a fresh yearly high on Friday, buoyed by a healthy rise in its third-quarter earnings that handily beat Wall Street’s expectations.
Late Thursday the Boston Beer Co. Inc. reported that its quarterly net income rose 48 percent as it sold more beer, especially seasonal beers and its Samuel Adams Brewmaster’s Collection, a line of beers in both traditional and innovative styles.
Its stock jumped $5.15, or 7 percent, to $78.82 in morning trading. Earlier in the session, the stock hit a new 52-week high of $79.30.
Net income of $1.09 per share on revenue of $124.5 million surpassed the 87 cents per share and $117.1 million in revenue that analysts forecast. The estimates of analysts surveyed by Thomson Reuters usually take out one-time items.