Sam Adams-Parent Boston Beer Reports Q2 Results

Boston Beer Company Inc (NYSE:SAM) reported its second-quarter financial results Thursday. Here's a look at the key figures from the report. 

The Details: Boston Beer reported quarterly earnings of $4.39 per share, which missed the analyst consensus estimate of $5.10 by 13.92%. Quarterly sales clocked in at $579.1 million, which missed the analyst consensus estimate of $597.333 million by 3.05% and is a 4.01% decrease from the same period last year.

Boston Beer said depletions decreased 4% and shipments decreased 6.4% in the quarter. Gross margin was 46%, up 60 basis points year-over-year.

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“Our gross margin improvement initiatives continue to take hold, with gross margin expanding over 250 basis points year-to-date, and strong cash flow generation,” said chairman and founder Jim Koch. “Depletions were soft in April, but improved as we moved through the quarter. While the industry environment remains dynamic, we are seeing early signs of progress on innovation and will use our strong balance sheet to invest in our brands while returning cash to shareholders.”

Outlook: Boston Beer reaffirmed its full-year guidance of GAAP earnings per share between $7.00 and $11.00, versus the $10.27 estimate.

SAM Price Action: According to Benzinga Pro, Boston Beer shares are down 5% after-hours at $257 at the time of publication Thursday.

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