Investing.com — Boston Beer Company Inc (NYSE:) lowered its full-year GAAP earnings per share guidance to $3.80-$5.80 from $5.50-$7.50.
The company said it has amended its manufacturing agreement with Rauch North America to better align with its future capacity needs. The revised agreement increases production flexibility and grants Boston Beer better termination rights.
As part of the agreement, Boston Beer will make a cash payment of $26 million to Rauch by December 23, resulting in a pre-tax contract settlement 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.
