Boston Beer Posts Strong Quarter

The brewer of Samuel Adams reported revenue of nearly $600 million.

I Stock 458593861 (1)

BOSTON (AP) β€” Boston Beer Co. on Thursday reported third-quarter earnings of $27.3 million.

The brewer of Samuel Adams said it had profit of $2.21 per share. Earnings, adjusted for asset impairment costs, came to $3.82 per share.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $3.16 per share.

The company posted revenue of $596.5 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $570.6 million.

Boston Beer expects full-year earnings in the range of $7 to $10 per share. Shares of the company jumped $66.12 to $402.28 in Friday trading.

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