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Boston Beer beats 1Q profit forecasts

BOSTON (AP) _ Boston Beer Co. (SAM) on Wednesday reported first-quarter net income of $5.7 million.

On a per-share basis, the Boston-based company said it had profit of 45 cents.

The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 26 cents per share.

The brewer posted revenue of $161.7 million in the period.

Boston Beer expects full-year earnings to be $4.20 to $6.20 per share.

Boston Beer shares have dropped 16 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $141.85, a drop of slightly more than 9 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SAM at https://www.zacks.com/ap/SAM

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Keywords: Boston Beer, Earnings Report