NORFOLK (dpa-AFX) - The Boston Beer Company, Inc. (SAM) announced the company currently projects full year 2016 earnings per share to be between $6.50 and $7.30, a decrease in the range from the previously communicated estimate of $7.60 to $8.00. The company noted that its actual 2016 earnings per share could vary significantly from the current projection. Analysts polled by Thomson Reuters expect the company to report profit per share of $7.77. Analysts' estimates typically exclude special items.
Full-year 2016 depletion and shipment change is now estimated at between minus 4% and plus 2%, a decrease in the range from the previously communicated estimate of growth of mid-single digits. Full-year 2016 capital spending is now estimated to be between $50 million and $70 million, a decrease in the range from the previously communicated estimate of $60 million to $80 million. Gross margin is projected to be between 51% and 53%" a decrease in the range from the previously communicated estimate of between 52% and 54%.
Boston Beer reported net income for the first quarter of $7.0 million, or $0.53 per share, a decrease of $6.7 million or $0.47 per share from the first quarter of 2015. On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $0.96 for the quarter. Analysts' estimates typically exclude special items.
Net revenue was $188.83 million compared to $199.50 million, a year ago. Analysts expected revenue of $198.42 million for the quarter. Depletions declined 5% from the comparable 13-week period in the prior year, reflecting decreases in the Samuel Adams and Angry Orchard brands, partially offset by increases in Twisted Tea and Coney Island brands. Core shipment volume was approximately 830,000 barrels, a 6% decrease from the first quarter of 2015.
Shares of The Boston Beer Company were down more than 11% after hours.
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