Boston Beer Reports Q1 2023 Net Loss and Declining Revenue Amid Depletions Drop

BOSTON BEER CO INC

2023-Q1 EPS reported -$0.73 revenue$410,000,000

Net revenue of $410.0 million decreased 4.7% from prior year; net loss of $9.0 million ($0.73 per diluted share).
Depletions fell 6% and shipments declined 7.6%, with growth in Twisted Tea and Hard Mountain Dew offset by declines in Truly, Angry Orchard, Samuel Adams, and Dogfish Head.
Gross margin of 38.0% was impacted by 210 basis points from inventory obsolescence costs and a non-recurring contract brewery payment.
Ended quarter with $122.6 million cash and no debt; repurchased $27.5 million in shares year-to-date through April 21, 2023.
Reiterated full-year 2023 guidance: depletions and shipments down 2% to 8%; EPS expected $6.00 to $10.00.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

BOSTON BEER CO INC reported the first quarter ended April 1, 2023 results: revenue $410.0 million, net income Net loss of $9.0 million, EPS Diluted loss per share of $0.73. Guidance reaffirmed.

Period: the first quarter ended April 1, 2023
Revenue: $410.0 million
Net income: Net loss of $9.0 million
EPS: Diluted loss per share of $0.73
Guidance: reaffirmed
Result: reported results

Exact text from the filing

results for the first quarter ended April 1, 2023. Key results were: First Quarter 2023 Summary: • Depletions decreased 6% and shipments decreased 7.6% • Net revenue of $410.0 million decreased 4.7% • Gross margin of 38.0%, inclusive of non-recurring charges with an unfavorable impact of 210 basis points • Net loss of $9.0 million • Diluted loss per share of

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accession 0000950170-23-015300

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