Investing.com -- Boston Beer Company Inc (NYSE:SAM) cut its full-year GAAP earnings per share guidance to $3.80-$5.80, down from $5.50-$7.50.
The company said it has amended its production agreement with Rauch North America to better align with its future capacity needs. The revised deal enhances production flexibility and grants Boston Beer improved termination rights.
As part of the agreement, Boston Beer will make a $26 million cash payment to Rauch by December 23, resulting in a pre-tax contract settlement expense of $26 million, or $1.70 per diluted share after tax, in the fourth quarter of 2024.
Non-GAAP EPS guidance remains unchanged at $8.00-$10.00.
Related Articles
Boston Beer amends production deal, cuts guidance
Qualcomm processors properly licensed from Arm, US jury finds
Exclusive-Nippon Steel alleges undue White House influence on doomed deal review, letter says
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.