Boston Beer Q2 net income +8.8% to $58M, EPS $4.72; maintains FY guidance, boosts ad spend

BOSTON BEER CO INC

2023-Q2 EPS reported $3.98 revenue$1,013,304,000

Net revenue fell 2.1% to $603.3M; depletions -3%, shipments -4.5%.
Gross margin improved 230 bps to 45.4% on price realization and procurement savings.
Twisted Tea grew; Truly, Angry Orchard, Samuel Adams declined.
FY 2023 guidance: depletions/shipments unchanged (down 2%-8%); ad spend raised to $20-$40M.
Cash from ops $119M; $207.8M cash, no debt; $52.5M in share buybacks YTD.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

BOSTON BEER CO INC reported second quarter that ended July 1, 2023 results: revenue $603.3 million, net income $58.0 million, EPS $4.72. Guidance reaffirmed.

Period: second quarter that ended July 1, 2023
Revenue: $603.3 million
Net income: $58.0 million
EPS: $4.72
Guidance: reaffirmed
Result: reported results

Exact text from the filing

• Net revenue decreased 2.1% to $603.3 million • Gross margin increased 230 basis points to 45.4% • Net income increased 8.8% to $58.0 million • Diluted income per share increased 9.5% to $4.72

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Source: SEC EDGAR

accession 0000950170-23-035172

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