UPDATE 1-Boston Beer Q3 profit beats, ups FY view; shares rise

* Q3 adj EPS $0.72 vs est $0.39

* Q3 rev up 8 pct

* Raises 2009 EPS view by 35 cents to $1.75-$2.05

* Shares rise 10 percent in after-mkt trade

Nov 5 (Reuters) - Boston Beer Co Inc (SAM.N), which makes Samuel Adams beer, posted higher-than-expected quarterly earnings, helped by strong shipments and lower advertising expenses, and raised its 2009 profit outlook, sending its shares up 10 percent.

The company, which also sells flavored malt beverages under the Twisted Tea brand and cider products under the HardCore Cider brand, posted a third-quarter profit of $10.4 million, or 72 cents a share, compared with a loss of $295 thousand, or 2 cents a share, a year ago.

Last year results were hurt by charges of 16 cents a share related to tax impacts and product recalls, the company said in a statement.

Revenue rose 8 percent to $108.7 million.

Three analysts on average were expecting earnings of 39 cents a share, before special items, on revenue of $107.5 million, according to Thomson Reuters I/B/E/S.

"During the third quarter, we experienced an improvement in our underlying brand volumes. The brands may have responded positively to the redesign of our packaging and the increased investment in media advertising and our sales force," Chief Executive Martin Roper said in a statement.

Quarterly depletions -- the total number of cases sold by a distributor to retailers -- grew 6 percent in the quarter, and gross margins improved to 54 percent, an increase of 10 percentage points from last year.

For the full year, the company now expects to earn $1.75 to $2.05 a share, up from its previous view of $1.40 to $1.70 a share.

Shares of the company were trading at $41.00 after the bell. They closed at $37.44 Thursday on the New York Stock Exchange. (Reporting by Mihir Dalal in Bangalore; Editing by Pradeep Kurup)