Shares of Boston Beer (NYSE: SAM) were up 18.2% as of 1 p.m. ET Friday, according to data provided by S&P Global Market Intelligence, after the craft brewing leader announced better-than-expected second-quarter 2023 results.

Boston Beer's results didn't look strong at first glance; revenue fell 2.1% year over year to $641.3 million, while net income arrived at $58 million, or $4.72 per share, up 9.5% year over year. However, both metrics easily outpaced analysts' consensus estimates, which called for earnings of only $3.45 per share on revenue of $599 million. 

Digging deeper into Boston Beer's results, shipments declined 4.5% to 2.31 million barrels, and depletions -- a key metric for beer stocks measuring how quickly products travel from warehouses to consumer  -- were down 3% year over year, as growth from its Twisted Tea and Dogfish Head brands was more than offset by continued weakness across Boston Beer's Truly Hard Seltzer, Angry Orchard, Hard Mountain Dew, and flagship Samuel Adams varieties.

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Source Fool.com