Fox Business Flash top headlines for July 22
Check out what’s clicking on FoxBusiness.com.
Boston Beer Co.'s shares lost their fizz following the release of second quarter earnings as results were impacted by weaker than expected hard seltzer sales.
Shares dropped 18% to $773.88 in after-hours trading after the brewer cut its financial projections.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
"We overestimated the growth of the hard seltzer category in the second quarter and the demand for Truly, which negatively impacted our volume and earnings for the quarter and our estimates for the remainder of the year', said Chief Executive Dave Burwick.
|SAM||BOSTON BEER CO., INC.||947.54||+17.54||+1.89%|
Boston Beer expects full-year earnings in the range of $18 to $22 per share, that's down from $22 to $26 per share.
COCA-COLA RAISES REVENUE FORECAST AS DEMAND REBOUNDS ON REOPENING BOOST
Boston Beer reported second-quarter net income of $59.2 million.
The company said it had profit of $4.75 per share. Earnings, adjusted for pretax gains, were $4.72 per share.
The brewer posted revenue of $641.3 million in the period. Its adjusted revenue was $602.8 million.
CLICK HERE TO READ MORE ON FOX BUSINESS
The results fell well short of estimates of $6.60 a share in profit and $658 million in revenue, according to FactSet.
The Associated Press contributed to this report.
Source: Read Full Article