Investors were warned Boston Beer (NYSE: SAM) was the stock that had the most to lose if the hard seltzer market had peaked. Boston Beer thought it was just the result of running into an "S-curve" of comparables, since last year there was a large stock up in seltzer due to the lockdowns brought on by the pandemic.
Consumer demand for seltzer has fallen off the table, and these brewers have invested a lot in the space.
The Truly brand isn't growing as fast this summer as Boston Beer (NYSE: SAM) executives thought it would. The brewer on Thursday lowered its sales and earnings outlook for the hard seltzer after demand slowed through late June. The new forecast keeps the company at the top of the industry when it comes to growth, with volumes that companies like Anheuser-Busch InBev (NYSE: BUD) and Constellation Brands (NYSE: STZ) would be thrilled to have.