Boston Beer Q3 net rev +0.6% to $605.5M; GAAP EPS $2.86 (incl. $2.49 impairment), non-GAAP $5.35; guidance cut

BOSTON BEER CO INC

2024-Q3 EPS reported $8.27 revenue$1,610,627,000

Depletions fell 3% and shipments down 1.9%; growth in Twisted Tea, Sun Cruiser, Hard Mountain Dew partially offset declines in Truly Hard Seltzer.
Gross margin 46.3%, up 60 bps YoY on price increases and procurement savings; full-year gross margin guidance narrowed to 44%-45%.
Recorded $42.6M non-cash impairment of Dogfish Head intangible asset; GAAP EPS $2.86 vs $3.70 prior year.
Full-year 2024 GAAP EPS guidance cut to $5.50-$7.50 from $7.00-$11.00; non-GAAP EPS introduced at $8.00-$10.00.
Year-to-date operating cash flow $207M; share repurchases $191M; board added $400M to buyback authorization.

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