Boston Beer Co. (SAM) Tops Q2 EPS by $2.46

Boston Beer Co. (NYSE: SAM) reported Q2 EPS of $4.88, $2.46 better than the analyst estimate of $2.42. Revenue for the quarter came in at $452.1 million versus the consensus estimate of $429.58 million.

GUIDANCE:

Boston Beer Co. sees FY2020 EPS of $11.70-$12.70, versus the consensus of $9.54.

• Reported depletions increased 46% and 43% from the 13- and 26-week comparable periods in the prior year.
• Excluding the addition of the Dogfish Head brands beginning July 3, 2019, depletions increased 42% and 38%, from the 13- and 26-week comparable periods in the prior year, respectively.
• Reported shipments increased 39.8% and 36.5% from the 13- and 26-week comparable periods in the prior year.
• Excluding the addition of the Dogfish Head brands beginning July 3, 2019, shipments increased 35.3% and 31.9%, from the 13- and 26-week comparable periods in the prior year, respectively.
• Full-year 2020 shipments and depletions growth is now estimated to be between 27% and 35%.
• Gross margin was 46.4% for the second quarter, a decrease from 49.9% in the comparable 13-week period in 2019, and 45.7% for the 26-week period ending June 27, 2020, a decrease from 49.7% in the comparable 26-week period in 2019. The Company's full-year gross margin target is now between 46% and 48%.
• Advertising, promotional and selling expense increased by $6.3 million, or 6.7%, in the second quarter over the comparable period in 2019 and increased $32.4 million, or 19.6%, from the comparable 26-week period in 2019.
• Based on current spending and investment plans, full-year 2020 Non-GAAP earnings per diluted share1, which excludes the impact of ASU 2016-09, is now estimated at between $11.70 and $12.70.
• Full-year 2020 capital spending is now estimated to be between $180 million and $200 million.

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

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