-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下：SAM第一季度调整后每股收益为1.64美元，低于预期的2.16美元（下降24%），远低于市场普遍预期的1.97美元。净收入下降4.4%至4.339亿美元，主要原因是出货量下降6.9%，反映出去年同期基数较高。毛利率上升100个基点至49.3%，比市场普遍预期高出50个基点，这主要得益于定价策略、有利的产品组合以及酿酒厂效率的提高。鉴于整个行业面临诸多不利因素，以及消费者偏好变化给酒类行业带来的压力，我们认为管理层在业务管理方面做得相当出色。 SAM将2026年销量预期从持平至下降个位数中段下调至下降个位数低段，并给出不计2.16亿美元诉讼影响的非GAAP每股收益预期为8.50美元至10.50美元。我们注意到，管理层历来提供较为保守的业绩指引，但由于销量持续疲软，反映出行业环境充满挑战，以及大宗商品和关税带来的成本压力，需求相关的不利因素确实存在。
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