By Kelly Cloonan
Boston Beer logged higher profit and revenue in the first quarter despite subdued category trends as the company expects tariffs to drag on earnings over the full year.
The brewer, which owns the Samuel Adams and Truly brands, estimated tariffs pose an unfavorable cost impact of about $20 million to $30 million, or $1.25 to $1.90 for earnings per diluted share, over the full year.
Exclusive of tariff impacts, the company maintained its previous outlook for the year.
Chief Executive Michael Spillane said the company remains focused on executing its strong operating plans for the summer with targeted advertising investment amid challenging macroeconomic conditions.
For the first quarter, the company posted a profit of $24.4 million for the period ended March 29, compared with $12.6 million a year earlier. Earnings per share were $2.16 a share, ahead of estimates of 48 cents a share according to analysts polled by FactSet
Revenue rose 6% to $481.4 million compared with $452.2 million a year ago. Analysts expected revenue of $435.6 million.
Volume increases and pricing drove the higher revenue, the company said.
"Our business remained resilient despite subdued category trends," Chairman and Founder Jim Koch said.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
April 24, 2025 16:52 ET (20:52 GMT)
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