By Christiana Sciaudone
Investing.com – Transfer over beer, exhausting seltzer is taking on.
The Boston Beer (NYSE:) Firm reported second quarter web gross sales of $452 million, up 42% from a 12 months earlier, because of elevated gross sales of exhausting seltzer merchandise. Revenue of $60 million rose 116% from the identical interval in 2019, and earnings per share of $4.88 in comparison with final 12 months’s $2.52.
Shares of SAM rose 18%, to an all-time excessive amid a sea of pink.
“The expansion of the Really model, led by Really Arduous Lemonade, has accelerated and continues to develop past our expectations,” stated Chief Govt Officer Dave Burwick. “Since early January, Really has grown its velocity and its market share sequentially whereas different nationwide, regional and native exhausting seltzer manufacturers have entered the class.”
The corporate will “proceed to take a position closely within the Really model and work to enhance our place within the exhausting seltzer class as competitors continues to extend,” Burwick stated. Gross sales of Twisted Tea, a tough ice tea drink, are additionally rising.
The corporate’s full-year gross margin goal is between 46% and 48% and full-year non-GAAP earnings per diluted share is estimated at between $11.70 and $12.70.
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