(Boston, MA) – The Boston Beer Company halted stock trading late Wednesday due to pending news causing a momentary frenzy among investors as to what could be about to go down. But, in the end, it wasn’t an M&A deal but rather a significant increase in the company’s earnings projections. An excerpt from the release:
The Company also now projects full-year depletions growth of between 11% and 13%, based on its analysis of year-to-date depletions versus 2011. The Company’s is increasing its 2013 depletions projection range to be between 10% and 15%, from its previously communicated growth of high single digits, based on its current depletions forecast for 2013.
While the company did not disclose specific reasons for the raised projection, the most recent quarterly earnings statement attributed growth to Twisted Tea, Samuel Adams seasonals and Angry Orchard Hard Cider.
Earnings jumped 14% in pre-market trading on Thursday morning after the stop had been removed, bringing the stock to an all-time high of $133 per share. As of 1pm EST, the stock was still up over 15% on the day to $131.20.
Some of the investor talk on Thursday revolved around how many people have shorted the stock in recent months.