the morning after for America's biggest micro brewer.Shares of the Boston Beer Company (SAM), maker of Samuel Adams and other craft beers, plunged nearly 11% Thursday.
The hangover comes a day after Boston Beer reported earnings that badly missed analysts' expectations.
Boston Beer earned 51 cents per share in the first three months of 2013, down almost 9% from a year earlier and well below the 62 cents a share expected by analysts.
Despite the drop in earnings, revenue rose 20% in the quarter as demand for cider and hard iced tea offset weakness in demand for the company's flagship Sam Adams beer.
Boston Beer blamed the drop in earnings on increased spending on advertising and marketing, as well as higher costs for certain raw materials.
The company maintained its outlook for full-year earnings, but acknowledged that the fast-growing market for craft beers is becoming increasingly competitive.
As demand for premium beers has exploded over the past few years, Boston Beer has seen its stock price soar. The stock recently hit a high above $170 a share, up from a low of about $25 in 2008.
