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Dec 30, 2023
Boston Beer Q4 2023 Earnings Report
Reported financial results for the fourth quarter and full fiscal year 2023, which ended December 30, 2023.
Key Takeaways
Boston Beer Company reported a decrease in net revenue for the fourth quarter of 2023. Net revenue decreased by 12.0% to $393.7 million. The company experienced a net loss of $18.1 million, with a GAAP diluted loss per share of $1.49.
Depletions decreased 9%, but only 1% on a 13-week comparable basis.
Shipments decreased 12.2%, but only 3.5% on a 13-week comparable basis.
Net revenue decreased 12.0% to $393.7 million, but only 3.1% on a 13-week comparable basis.
Gross margin increased 60 basis points year over year to 37.6%.
Forward Guidance
The Company’s actual 2024 results could vary significantly from the current projection and are highly sensitive to changes in volume and supply chain performance as well as inflationary impacts.
Positive Outlook
- Depletions and Shipments Percentage Change Down low single digit to up low single digit
- Price Increases 1% to 2%
- Gross Margin 43% to 45%
- Effective Tax Rate 27.5%
- GAAP EPS $7.00 to $11.00
Challenges Ahead
- During full year 2024, the Company estimates shortfall fees will negatively impact gross margin by 50 to 75 basis points
- non-cash expense of third-party production pre-payments will negatively impact gross margins by 125 to 150 basis points
- The advertising, selling and promotional expense projection does not include any changes in freight costs for the shipment of products to the Company’s distributors
Historical Earnings Impact
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Avg. Return Before/After Earnings
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