secwatch.observer — SEC 8-K summary
======================================

Issuer:     BOSTON BEER CO INC (SAM)
CIK:        0000949870
Form:       8-K
Filed at:   2023-04-27T23:59:59+00:00
Accession:  0000950170-23-015300
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/949870/000095017023015300/0000950170-23-015300-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/949870/000095017023015300/sam-20230426.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-015300

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer