Pete’s Brewing Sees Third-Quarter Loss

Palo Alto-based Pete’s Brewing Co., the second-largest craft brewer in the United States, said it expects to report a loss in its third quarter, reflecting a slowdown in shipments. The company, maker of Pete’s Wicked Ale and 11 other brands, said it expects a loss of 11 cents to 14 cents a share in the current quarter, with revenue falling 35% to 40% from the same quarter a year earlier. Analysts had expected Pete’s Brewing to report a profit of a penny a share in the quarter, according to First Call. In the 1996 third quarter, the brewer earned 3 cents a share, or $330,000, on sales of $21.7 million. The company cited slowing growth in the overall beer industry and the craft brewing market in particular. Pete’s Brewing stock lost 81 cents to close at $4.94 on Nasdaq.