Why Boston Beer Stock Lost Another 10% in September
Up until mid-July 2021, Boston Beer (NYSE: SAM) had been a high-flying stock with diluted earnings per share (EPS) more than doubling since the start of 2020, and its shares soaring more than 150% in that time. But that all changed on July 22 when the company reported a huge miss on second-quarter results, the culprit being the previously fast-growing hard seltzer segment. The stock has been almost cut in half since that earnings report, and that slide continued through September, with shares falling another 10.6%, according to data provided by S&P Global Market Intelligence.
For the second quarter period ended June 26, 2021, the company said weaker sales of its popular Truly hard seltzer product, along with general softness in the beer industry, caused the shortfall in sales and earnings. Boston Beer shares fell 26% the day following that report.
Source Fool.com
