Boston Beer (NYSE:SAM) Updates FY24 Earnings Guidance

Boston Beer (NYSE:SAM) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $7.00-11.00 for the period, compared to the consensus earnings per share estimate of $10.22. Boston Beer also updated its FY 2024 guidance to 7.000-11.000 EPS.

Boston Beer Trading Up 7.5 %

NYSE SAM traded up $20.39 during trading hours on Friday, hitting $290.91. 358,744 shares of the company’s stock traded hands, compared to its average volume of 125,596. The business’s fifty day moving average price is $286.72 and its two-hundred day moving average price is $305.50. The firm has a market capitalization of $3.48 billion, a P/E ratio of 36.50, a P/E/G ratio of 1.11 and a beta of 1.03. Boston Beer has a 52 week low of $254.40 and a 52 week high of $395.52.

Boston Beer (NYSE:SAM) last posted its quarterly earnings results on Thursday, July 25th. The company reported $4.39 earnings per share for the quarter, missing analysts’ consensus estimates of $4.99 by ($0.60). The firm had revenue of $579.10 million during the quarter, compared to the consensus estimate of $597.33 million. Boston Beer had a return on equity of 9.60% and a net margin of 4.39%. The business’s revenue for the quarter was down 4.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.72 earnings per share. On average, sell-side analysts expect that Boston Beer will post 9.78 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SAM. Evercore ISI upped their price target on shares of Boston Beer from $310.00 to $325.00 and gave the stock an in-line rating in a research report on Friday, April 26th. Citigroup dropped their target price on shares of Boston Beer from $350.00 to $315.00 and set a neutral rating for the company in a research report on Tuesday, April 16th. Jefferies Financial Group upgraded shares of Boston Beer from a hold rating to a buy rating and upped their target price for the stock from $335.00 to $360.00 in a research report on Tuesday, May 14th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Boston Beer from $273.00 to $283.00 and gave the stock a hold rating in a research report on Wednesday, July 17th. Finally, Royal Bank of Canada dropped their target price on shares of Boston Beer from $332.00 to $318.00 and set a sector perform rating for the company in a research report on Friday. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Hold and a consensus price target of $330.21.

Boston Beer Company Profile

The Boston Beer Company, Inc produces and sells alcohol beverages primarily in the United States. The company's flagship beer is Samuel Adams Boston Lager. It offers various beers, hard ciders, flavored malt beverages, and hard seltzers under the Samuel Adams, Twisted Tea, Truly, Angry Orchard, Dogfish Head, Angel City, and Coney Island brand names.