Boston Beer Q1 2024 Earnings Report
Key Takeaways
Boston Beer reported flat depletions but a 3.9% increase in net revenue to $426.1 million for the first quarter of 2024. Gross margin improved to 43.7%. Net income was $12.6 million, with diluted earnings per share of $1.04. The company repurchased $65.0 million in shares and ended the quarter with $205.4 million in cash and no debt.
Depletions were flat while shipments increased by 0.9%.
Net revenue increased by 3.9% to $426.1 million.
Gross margin improved to 43.7%, up 570 basis points year over year.
Net income reached $12.6 million, with diluted EPS of $1.04.
Boston Beer
Boston Beer
Forward Guidance
The company reiterated its 2024 volume and EPS guidance. The company's actual 2024 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.