- July 23, 2021
- Posted by: Stratford Team
- Category: Business
Woodshaw Financial Group Principal D.R. Barton on his outlook for the markets.
Boston Beer, the maker of Sam Adams and Truly hard seltzer, is seeing its shares take a beating after management disclosed it overestimated the hard seltzer craze.
Ticker Security Last Change Change %SAM BOSTON BEER CO., INC. 706.08 -249.68 -26.12%
The drop in the shares Friday, north of 20%, are on pace for one of the worst percentage declines on record.
“We overestimated the growth of the hard seltzer category in the second quarter and the demand for Truly, which negatively impacted our volume and earnings for the quarter and our estimates for the remainder of the year,” said Boston Beer CEO Dave Burwick during the earnings investor call.
The company is now sitting with more inventory than it would like in what has become a crowded category in stores.
TEXAS CONSIDERS BANNING BEN & JERRY’S
The outlook for Truly remains “uncertain” for the rest of 2021.
At least…
