(Recasts, adds details, share movement)
March 11 Boston Beer Co Inc (SAM.N) reported a
more than two-fold jump in quarterly profit that topped market
expectations, driven by higher shipment volume and an increase
in net revenue per barrel.
The company, which makes Samuel Adams beers, also forecast
2008 earnings above analysts' estimates, and said it plans to
increase prices by 5 percent to counter rising costs.
The company posted fourth-quarter earnings of $6.8 million,
or 46 cents per share, compared with $2.5 million, or 17 cents
per share, a year earlier.
Net revenue rose nearly 26 percent to $92.2 million.
Analysts expected a profit of 35 cents a share, before
special items, on revenue of $88.7 million, according to
Shipment volume rose nearly 20 percent, while net revenue
per barrel was up about 5.2 percent for the period.
For 2008, Boston Beer expects a profit of $1.70 to $2 per
share, excluding items. Analysts were expecting $1.69 per
The company sees an increase in production cost of between
12 percent and 16 percent in 2008, driven primarily by malt and
Brewers in the United States have faced rising costs as
markets for barley and hops -- used to make beer -- have
tightened and the costs of packaging materials such as aluminum
and glass have also gone up.
Shares of the company were up at $35.91 in trading
after-hours. They closed 5.98 percent higher at $35.81 Tuesday
on the New York Stock Exchange.
(Reporting by Dilipp S. Nag in Bangalore; Editing by Anil