Boston Beer Company Inc (NYSE: SAM) has done a great job taking market share in the hard seltzer category, Jim Cramer said Friday on CNBC’s “Squawk On The Street.”
What Happened: Boston Beer reported first-quarter earnings on Thursday that exceeded expectations. The company had earnings-per-share of $5.26, which more than doubled the estimates of $2.60 per share. CEO Dave Burwick attributed much of the company’s growth to its Truly brand.
Related Link: Boston Beer Co: Q1 Earnings Insights
Truly is growing twice as much as the hard seltzer category and has taken 28% market share, Cramer said.
There is competition in the space, but “my money is still on Truly and Boston Beer,” he added.
52-Week Range: Boston Beer was trading as low as $394.50 and as high as $1,349.98 over a 52-week period.
Price Action: Boston Beer was up 1.28% at $1,267.94 at last check Friday.
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