Comprehensive Real-Time News Feed for Victor, NY.
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Disappointing third-quarter results released Thursday evening confirmed that Boston Beer, the $2 billion owner of Sam Adams and Angry Orchard and one of the country's largest independent craft brewers, is falling flat. Revenue plunged by a record 13.5 percent as shipments declined, and the company had to lower its earnings guidance for the year to $6.30 to $6.70 a share, down from a previous estimate of $6.40 to $7. Its shares tumbled more than 6 percent when the market opened Friday morning. Boston Beer hasn't been the only craft brewer in town for a while now, but competition is tougher than ever -- think of how many craft brands you can name. Comment?
Constellation Brands Inc., the seller of Robert Mondavi wine and Svedka vodka, raised its annual profit forecast as sales of beer brands like Corona Extra and Modelo Especial beat forecasts. Earnings will be $6.30 to $6.45 a share, excluding some items, in the year through February, the Victor, New York-based company said Wednesday in a statement. Comment?
Constellation Brands Inc., the beer, wine and spirits producer and marketer, is seeking a valuation of roughly C$1 billion for the initial public offering of its Canadian wine business later this year, according to people familiar with the matter. The Victor, New York-based company, whose brands include Corona and Robert Mondavi wines, is working with Goldman Sachs Group Inc., Toronto-Dominion Bank and Bank of Nova Scotia on the offering, said the people, who asked not to be identified because the matter is private. Comment?
Everyone wants a taste of the craft beer market, and this has led to an onslaught of acquisitions. American craft brands such as Goose Island , Lagunitas , Blue Point , Saint Archer and many others have sold to the world's leading brewers, all of which happen to be based outside the U.S. But Boston Beer Co., the $2 billion owner of Sam Adams and largest independent craft brewer, has been a holdout in the M&A game. Comment?
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