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Shares of Boston Beer tumbled on Friday after the Samuel Adams beer maker reported quarterly earnings that fell well short of analyst expectations.
Boston Beer earned $1.98 per share in the second quarter, while analysts polled by Reuters expected a profit of $2.81. The company's revenue fell in line with analysts' estimates at $273 million for its second quarter.
The stock tumbled 13.7 percent, and was on track for its worst day since Feb. 22.
"During the quarter, our operating expenses increased significantly, primarily due to the timing of our planned brand investments. Brand investment increases for the remainder of the year will moderate, as we maintain our annual spend guidance," said Dave Burwick, the company's president and CEO.
Boston Beer also reiterated its full-year earnings guidance of a range between $6.30 and $7.30 per share, disappointing Wall Street. Analysts polled by Reuters expected guidance to come in around $7.95 per share. The company lowered its gross margin estimates to a range of 51 percent to 53 percent, from a range of 52 to 54 percent.
"We will continue to focus on cost savings and efficiency projects to fund the investments needed to grow our brands and to build our organization's ability to deliver against our goals," said Burwick.