Boston Beer Co Inc (SAM)

Boston Beer Company Stock (SAM) dropped by 12.40% from $364.88 to $319.64 in the trading on Friday October 27, 2023. The reason why SAM stock down today include

• Third-quarter financial results. Investors were primarily disappointed with the company's profits and outlook. In Q3, the company's net revenue was up less than 1% year over year at $601.6 million. Q3 net income was only $45.3 million, lower than estimates. Higher salaries and other inflationary expenses limited some improvements to profitability.
• Lower guidance: Boston Beer's management says it expects a 5% to 7% drop in shipments. And it narrowed its earnings per share (EPS) range to $6.04 to $8.04. Both of these ranges are inside of its previous guidance, but the potential upside is lower than it was before, which was disappointing for investors.