Boston Beer Co. (SAM) Tops Q2 EPS by 9c; Sees Lower FY14 Capital Spending

Boston Beer Co. (NYSE: SAM) reported Q2 EPS of $1.88, $0.09 better than the analyst estimate of $1.79. Revenue for the quarter came in at $231.6 million versus the consensus estimate of $224.7 million.

Highlights of this release include:

• Depletions grew 23% and 28% from the comparable 13 and 26 week periods in the prior year.
• Gross margin of 53.1% for the second quarter and 51.4% for first half, with the Company maintaining its full year gross margin target of between 51% and 53%.
• Advertising, promotional and selling expense increased by $15.7 million or 31% in the quarter, primarily due to planned increased investments behind the Company's brands.
• Full year 2014 depletions growth is now estimated to be between 20% and 24%, an increase from the previously communicated estimate of 16% to 20%.
• Full year 2014 estimated earnings per diluted share remain unchanged at $6.00 to $6.40.
• Full year 2014 capital spending is now estimated to be between $160 million to $185 million, a narrowing of the range from the previously communicated estimate of $160 million to $220 million.

For earnings history and earnings-related data on Boston Beer Co. (SAM) click here.

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