Truly hard seltzer
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Shares of Boston Beer tumbled 26% in morning trading Friday after disappointing demand for hard seltzer dragged down the company’s quarterly earnings and revenue.
The Sam Adams brewer reported earnings of $4.75 per share on net sales of $603 million. Analysts surveyed by Refinitiv expected earnings of $6.69 per share and revenues of $658 million.
The company laid the blame for the disappointing quarter on softer-than-expected demand for hard seltzer. Boston Beer owns Truly Hard Seltzer, one of the top brands in the category, but new competition and slowing growth were among the factors that hurt the brand’s sales this quarter.
“We overestimated the…