Boston Beer Co.'s shipment volume and net revenue both rose by over half in the fourth quarter compared with a year ago.
Boston Beer's net income was $32.8 million, or $2.64 a share and climbed from $13.8 million, or $1.12 a share the comparable quarter a year ago. According to FactSet, analysts were expecting $2.63 a share.
Net revenue rose to $460.9 million, an increase from $301.3 million a year earlier. Analysts were expecting $453.3 million.
Shipment volume rose by 54%, the maker of Samuel Adams beer said. Depletions rose 26% year over year, Boston Beer said.
Shares of Boston Beer declined 6% to $1,140 in after-hours trading.
The company said it expects 2021's adjusted earnings for 2021 to be between $20 and $24 a share.
According to FactSet, analysts are expecting $23.66 a share.
The company lowered its estimates for other areas. It now said it expects increased investments in advertising, promotional and selling expenses to be between $120 million and $140 million. That guidance range was $10 million higher.
Boston Beer, the maker of Samuel Adams, also now expects its gross margin to be between 45% and 47%, down one percentage point from its old guidance.
The company is still expecting depletions and shipments to rise between 35% and 45% and for national price increases to be between 1% and 2%. It is also still expecting estimated capital spending to be between $300 million and $400 million but still cautioned that could be much higher if needed.
Boston Beer expects its adjusted effective tax rate -- not including the ASU 2016-09 impact -- to be about 26.5%. It had been expecting it to be 26%.