Why Samuel Adams Brand Parent Boston Beer Shares Are Plunging Today
Portfolio Pulse from Lekha Gupta
Boston Beer Company, Inc. (NYSE:SAM) shares dropped after reporting Q4 FY23 results below expectations with a 12.0% Y/Y decrease in net revenue to $393.7 million and a significant EPS loss of $(1.49). The company also announced the retirement of CEO Dave Burwick and the appointment of Michael Spillane as the new CEO effective April 1, 2024. FY24 outlook anticipates Depletions and Shipments to vary from a low single-digit decrease to a low single-digit increase, with an EPS forecast of $7.00 to $11.00.
February 28, 2024 | 2:56 pm
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Boston Beer Company, Inc. (NYSE:SAM) shares fell due to disappointing Q4 FY23 earnings, with a notable decrease in net revenue and a significant EPS loss. The company also announced a CEO transition and provided a cautious FY24 outlook.
The significant drop in Boston Beer's Q4 FY23 earnings, coupled with the announcement of a CEO transition, likely contributed to negative investor sentiment. The disappointing financial results and cautious FY24 outlook suggest potential challenges ahead, impacting the stock's short-term performance.
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