Lager lovers have been enjoying their share of Samuel Adams, the flagship beer label from Boston Beer (NYSE:SAM). I last looked at the company back in March and said its stock was too pricey. Since then, the shares have gone higher and the company has continued to produce good financial results.

The company released its third-quarter earnings report yesterday, and its revenues are clipping along at a double-digit pace, having grown 15.5% to $63.2 million. Analysts had expected only $59.6 million. Most of these sales were derived from an 11.8% increase in shipment volume. Additionally, the company also saw an increase of 3.3% in revenue per barrel.

Boston Beer also made strong improvements in profitability. Operating margins increased to 9.8% from 8.5% last year. The company pointed to price increases as the primary reason for better margins. However, it still has a way to go to be in the same league as the King of Beers: Anheuser-Busch's (NYSE:BUD) operating margins were almost twice as much -- 18.6% -- in the latest period.

Boston Beer's flavorful top line produced some frothy earnings as well. The company earned $0.29 per diluted share, a 38% increase compared to the same period a year ago. The results were well ahead of analyst estimates of $0.20 per share.

Capital expenditures more than tripled during the quarter, though, and that crimped free cash flow. The capex increase was due to the company's expansion of its Cincinnati brewery, a project that cost $6.5 million. Boston Beer obviously still had enough free cash to buy back its own shares, however. It repurchased $7.2 million worth of stock in the third quarter alone.

Investors are always looking for stocks that can jump higher. Boston Beer is one such company that continues to showcase its hops.

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Anheuser-Busch is a Motley Fool Inside Value recommendation.

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Fool contributor Jeremy MacNealy does not own shares of any companies mentioned quality.