Benzinga | Apr 23, 2021 11:52AM EDT

Jim Cramer Cheers Boston Beer Company And Truly

Boston Beer Company Inc (NYSE:SAM) has done a great job taking market share in the hard seltzer category, Jim Cramer said Friday on CNBC's "Squawk On The Street."

What Happened: Boston Beer reported first-quarter earnings on Thursday that exceeded expectations. The company had earnings-per-share of $5.26, which more than doubled the estimates of $2.60 per share. CEO Dave Burwick attributed much of the company's growth to its Truly brand.

Related Link: Boston Beer Co: Q1 Earnings Insights

Truly is growing twice as much as the hard seltzer category and has taken 28% market share, Cramer said.

There is competition in the space, but "my money is still on Truly and Boston Beer," he added.

52-Week Range: Boston Beer was trading as low as $394.50 and as high as $1,349.98 over a 52-week period.

Price Action: Boston Beer was up 1.28% at $1,267.94 at last check Friday.

(Image by Alexas_Fotos from Pixabay)