Business

Expenses offset beer firm’s shipment gains

Jim Koch is the chairman of Boston Beer.

Bloomberg News/File

Jim Koch is the chairman of Boston Beer.

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Boston Beer Co. reported first-quarter net income of $8.3 million, or 62 cents per share, compared with $6.9 million, or 51 cents, last year. Sales for the period were up 35 percent $183.8 million compared with $136 million in the prior year, on strong shipment growth. Analysts had estimated earnings of 70 cents on revenues of $179.1 million. Results were partly offset by higher advertising, promotional, and selling expenses. Depletions grew 34 percent, primarily due to increases across several brands.

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