May 6, 2008 / 9:05 PM / 11 years ago

UPDATE 1-Boston Beer posts Q1 loss on recall charge

(Recasts; adds outlook)

May 6 (Reuters) -Boston Beer Company Inc (SAM.N) posted a first-quarter loss as it took a charge related to its recall of some bottles of its flagship Samuel Adams beer in April.

Last month, the company recalled select bottles of Samuel Adams beer after safety checks at its Cincinnati brewery stoked fears that bottles may contain small grains or bits of glass.

The company reported a net loss of $3.7 million, or 27 cents a share, including a charge of 62 cents a share related to the recall, compared with a net profit of $5.8 million, or 40 cents a share, a year earlier.

Boston Beer’s quarterly net revenue rose 5 percent to $76.1 million. Excluding the impact of the recall, revenue was $85.2 million.

Analysts on average had expected earnings of 38 cents a share, before special items, on revenue of $83.9 million, according to Reuters Estimates.

For 2008, Boston Beer expects earnings of about $1.70 to $2.00 a share, excluding the impact of the recall.

Analysts on average had expected earnings of $1.82 a share, before special items.

Shares of the company closed at $43.70 Tuesday on the New York Stock Exchange. (Reporting by Dhanya Skariachan in Bangalore; Editing by Pratish Narayanan)

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