Profit up at Boston beer maker
Boston Beer Co.’s third-quarter profit jumped 27 percent as the Sam Adams brewer reported a jump in volume and higher pricing, helping to offset some increased spending on advertising and promotional efforts. Earnings and revenue beat analysts’ estimates. The company reported third-quarter 2012 net revenue of $166.4 million, an increase of $31.6 million or 23 percent, over the same period last year, mainly due to core shipment growth of 17 percent. Net income was $20.8 million, or $1.53 per share, an increase of $4.5 million.