Boston Beer Company 2Q net income jumps 48%
The Boston Beer Company Inc. said second quarter net income rose 36 percent as sales and shipments rose.
The brewer of Samuel Adams beer said net income for the quarter ended June 30 was $16.3 million, or $1.13 per share, up from $11.9 million, or 83 cents per share, the same period last year. The results beat analysts expectations of $1.10 a share according to a survey by Thomson Reuters.
The company raised its profit expectations for 2010 to between $2.85 to $3.15, up from its previous estimate of $2.35 and $2.65 per share. Revenue was $129.6 million for the quarter, up 10 percent from the same period last year, mainly due to increases in core products shipment volume.
Chairman Jim Koch said the company is optimistic sales will remain strong for the craft beer market.
"We continue to see expanded distribution of domestic specialty brands and local craft brands, which is increasing competition in the category," he said in a statement. "We are happy with the health of our brand portfolio and remain positive about the future of craft beer."