Boston Beer Co. (NYSE:) shares were trading more than 3% lower after-hours following the company’s reported Q1 results, with earnings per share coming in at ($0.16), significantly missing the consensus estimate of $1.97. The consensus estimate of $444.77 millions was lower than the revenue, which fell 21.1% to $430.1million.

The Q1 depletions fell 7% from a year ago, mainly due to decreased sales of Truly Hard Seltzer, Angry Orchard and Dogfish Head brands. These decreases were partially offset by an increase in Twisted Tea brand. Samuel Adams brand depletion volume was about the same.

According to its 2022 outlook, the company expects EPS to be between $11.00 and $16.00 in comparison to the consensus estimate at $13.85. The company expects shipments to grow by 4-10%.

SAM shares are at 32% lower year-to-date

By Davit Kirakosyan