The Boston Beer Company, Inc. (NYSE:SAM) reported its Q2 results last week, with EPS coming in at $4.31, missing the Street estimate of $4.79.

The driver was the slowdown in the hard seltzer category, which has continued to come under pressure as consumers have seemingly moved away from the category, back towards spirits-based seltzers and canned cocktails in the ready-to-drink (RTD) space, and even back towards light beer.

The company provided its full 2022-year guidance, expecting EPS in the range of $6.00-$11.00, down from its previous guidance of $11.00-$16.00, and compared to the Street estimate of $11.67.