Boston Beer Q3 depletions down 6%; net revenue up 0.9% to $601.6M; guidance narrowed

BOSTON BEER CO INC

2023-Q3 EPS reported $7.67 revenue$1,614,903,000

Depletions decreased 6% (fiscal) and ~3% (comparable weeks); shipments down 2.5%.
Net revenue increased 0.9% to $601.6M; gross margin improved 250bps to 45.7%.
Net income of $45.3M ($3.70 diluted EPS) includes $16.4M non-cash Dogfish Head impairment.
Year-to-date share repurchases $69.4M; cash $310.8M, no debt.
Full-year 2023 guidance narrowed: depletions -5% to -7%, GAAP EPS $6.04-$8.04 (from $6-$10).

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

BOSTON BEER CO INC reported third quarter of 2023 results: revenue $601.6 million, net income $45.3 million, EPS $3.70.

Period: third quarter of 2023
Revenue: $601.6 million
Net income: $45.3 million
EPS: $3.70
Result: reported results

Exact text from the filing

approximately 3% on a comparable week basis • Shipments decreased 2.5% on a fiscal calendar basis and decreased 1.8% on a comparable week basis • Net revenue increased 0.9% to $601.6 million • Gross margin increased 250 basis points to 45.7% • Net income of $45.3 million, which includes non-cash brand impairment charges of $16.4 million and the related tax benefit •

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Source: SEC EDGAR

accession 0000950170-23-055629

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