Boston Beer updates 2024 guidance after $26M supplier contract settlement; GAAP EPS lowered to $3.80-$5.80

BOSTON BEER CO INC

Paid $26M to Rauch North America for amendment/restatement of production agreement, boosting flexibility and termination rights.
Q4 pre-tax contract settlement expense of $26M ($1.70 per diluted share) from the cash payment.
FY2024 GAAP EPS guidance cut from $5.50-$7.50 to $3.80-$5.80; non-GAAP EPS unchanged at $8.00-$10.00.
Effective tax rate guidance increased from 30% to 34% due to settlement impact on pre-tax income.
2025 shortfall fee estimate of $14M unchanged; further 2025 guidance in February 2025 earnings.

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