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ST. HELENA, Calif.--(BUSINESS WIRE)--The Duckhorn Portfolio, Inc. (NYSE: NAPA) (the “Company”) today announced the appointment of Dave Burwick to its Board of Directors, effective May 21, 2024. Burwick brings over 30 years of beverage industry experience, most recently serving as President and Chief Executive Officer of The Boston Beer Company (NYSE: SAM), a leading alcoholic beverage company. Burwick will serve as the chairperson of the Company's Nominating and Corporate Governance Committee a.
Boston Beer (SAM) is likely to retain its long-standing market position with its solid brand portfolio, the Beyond Beer strategy, innovation and pricing actions amid a troubled hard seltzer category.
Jefferies analysts upgraded shares of the beverage company to Buy from Hold, and lifted the target price to $360 from $335.
The shares of Boston Beer Company Inc (NYSE:SAM) are 1.6% higher at $288.23 in premarket trading, after Jefferies upgraded the beer brewer to "buy" from "hold" and hiked its price target by $25 to $360 -- a 26.8% premium to last night's close.
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Boston Beer's (SAM) Q1 results reflect gains from pricing actions, improved volumes, a rise in shipments, lower occupancy costs and robust margins.
Boston Beer (SAM) came out with quarterly earnings of $1.04 per share, beating the Zacks Consensus Estimate of $0.08 per share. This compares to loss of $0.73 per share a year ago.
Shares of Boston Beer Co. SAM, -2.06% jumped 9.8% in premarket trading Thursday, after the beer brewer reported a surprise first-quarter profit and revenue that rose above forecasts, fueled by volume increases, pricing and lower returns. The company swung to net income of $12.6 million, or $1.04 a share, from a loss of $9 million, or 73 cents a share, in the same period a year ago.
Players in the beverage industry are expected to have witnessed positive trends from expanded digital platforms and strong demand for innovative products in the to-be-reported quarter. Inflationary cost pressures, particularly higher input costs, are likely to have hurt.
Boston Beer's (SAM) Q1 results are expected to reflect gains from its focus on pricing, product innovation, growth of non-beer categories and brand development.