USA: Boston Beer forecasts earnings growth in 2007 despite increased production costs
Boston Beer Co., which sells malt beverages and hard cider under brands including Samuel Adams and Twisted Tea, on March 13 forecast 2007 earnings growth despite an expected increase in production costs, according to The Associated Press.
Boston Beer said it expects fiscal 2007 earnings to range between $1.42 and $1.55 per share. The company's forecast surpassed the expectations of analysts surveyed by Thomson Financial, who estimated profit of $1.40 per share.
The company said production costs could rise between 7 percent and 10 percent over 2006 due to poor worldwide barley crops and potential glass cost increases.
The company said the higher costs will be partly offset by a planned 3 percent price increase, but that gross margin could fall 2 percentage points below 2006.
Boston Beer also said Tuesday that its fourth-quarter profit grew 9 percent, driven by increased shipment volume. Boston Beer shares dropped 34 cents to close at $33.26 on the New York Stock Exchange.
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