BOSTON – Boston Beer Company Reports Third Quarter Earnings

The Boston Beer Company, Inc. (NYSE:SAM) announced earnings for the third quarter that surpassed analyst expectations, while issuing full-year guidance that fell short of estimates. As a result, shares dipped by 0.6% in after-hours trading.

The producer of Samuel Adams beer and Truly Hard Seltzer reported adjusted earnings per share of $5.35, exceeding the consensus estimate of $5.03. Revenue saw a year-over-year increase of 0.6%, reaching $605.5 million, just above the expected $605.14 million.

Despite these positive quarterly results, Boston Beer’s full-year 2024 earnings guidance ranges between $8.00 and $10.00 per share, which is lower than the consensus estimate of $9.58. The company mentioned experiencing "somewhat softer near-term category trends."

Jim Koch, Chairman and Founder, stated, "We continue to believe that there is significant growth opportunity in Beyond Beer categories despite some near-term variability in alcoholic beverage demand."

Key industry metric depletions, which measure sales to retailers, fell by 3% this quarter. Additionally, shipment volume decreased by 1.9%, amounting to approximately 2.24 million barrels.

Boston Beer’s gross margin improved to 46.3%, an increase of 60 basis points year-over-year, attributed to price hikes and procurement savings.

Year-to-date through October 18, the company repurchased $191 million of its shares and increased its share repurchase authorization by $400 million.

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