Boston Beer profits surprise Wall Street

The brewer of Samuel Adams beers surprised Wall Street with its earnings. Boston Beer reported profits were up more than 270% in the fourth quarter.

The company also forecast 2008 earnings above analysts’ estimates, and said it plans to increase prices by 5 percent to counter rising costs.

The company posted fourth-quarter earnings of $6.8 million, or 46 cents per share, compared with $2.5 million, or 17 cents per share, a year earlier.