Boston Beer (NYSE:SAM) saw its shares dip almost 10% in after-hours trading Tuesday after the company reported a wider-than-anticipated loss per share for the fiscal fourth quarter, and missed expectations for revenue.
The firm’s Q4 loss per share was reported at $1.49, worse than the $0.34 loss per share expected by analysts. Revenue came in at $393.72 million, also missing the forecasted $413.77 million.
Boston Beer’s gross margin stood at 37.6%, showing a year-over-year increase of 60 basis points.
Looking forward, the company projects its full-year 2024 EPS to be between $7.00 and $10.00, short of the consensus estimate of $11.39.
“We were pleased to deliver steady improvement in comparable weeks depletions, solid progress on gross margin expansion and strong cash flow generation for the full 2023 fiscal year,” said Chairman and Founder Jim Koch.
In leadership news, it announced that Dave Burwick will retire as President and CEO, as well as from the Board of Directors, effective April 1, 2024.
Michael Spillane, the company's lead director and a board member since 2016, will succeed Burwick as President and CEO upon his retirement.