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Apr 01, 2023
Boston Beer Q1 2023 Earnings Report
Reported a decrease in depletions and shipments, with net revenue and gross margin also declining. Experienced a net loss and a diluted loss per share.
Key Takeaways
Boston Beer reported a decrease in depletions and shipments for the first quarter of 2023. Net revenue and gross margin also decreased, resulting in a net loss and diluted loss per share. The company repurchased shares and maintains a strong cash balance.
Depletions decreased by 6% and shipments decreased by 7.6%.
Net revenue decreased by 4.7% to $410.0 million.
Gross margin decreased to 38.0%, impacted by non-recurring charges.
Net loss was $9.0 million, with a diluted loss per share of $0.73.
Forward Guidance
The Company has not changed its full year guidance previously communicated in its February 15, 2023 Earnings Release. The Company’s actual 2023 results could vary significantly from the current projection and are highly sensitive to changes in volume projections particularly related to the hard seltzer category and supply chain performance as well as inflationary impacts.
Positive Outlook
- Depletions Decreases (2%) to (8%)
- Shipments Decreases (2%) to (8%)
- Price Increases 1% to 3%
- Gross Margin 41% to 43%
- Effective Tax Rate 28%
Challenges Ahead
- The Company’s actual 2023 results could vary significantly from the current projection
- results are highly sensitive to changes in volume projections particularly related to the hard seltzer category
- results are highly sensitive to changes in supply chain performance
Historical Earnings Impact
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Avg. Return Before/After Earnings
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