Boston Beer Co. (SAM) Tops Q1 EPS by $2.65, Revenue Beats, Offers Guidance

April 22, 2021 4:17 PM EDT

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Boston Beer Co. (NYSE: SAM) reported Q1 EPS of $5.26, $2.65 better than the analyst estimate of $2.61. Revenue for the quarter came in at $545.1 million versus the consensus estimate of $477.28 million.

GUIDANCE:

Boston Beer Co. sees FY2021 EPS of $22.00-$26.00, versus the consensus of $23.26.

  • The Company currently projects full year 2021 Non-GAAP earnings per diluted share of between $22.00 and $26.00. This Non-GAAP projection excludes the impact of ASU 2016-09. The Company's actual 2021 earnings per share could vary significantly from the current projection. Underlying the Company's current 2021 projection are the following full-year estimates and targets:
  • Depletions and shipments percentage increase between 40% and 50%.
  • National price increases of between 1% and 3%, an increase from the previously communicated range of between 1% and 2%.
  • Gross margin of between 45% and 47%.
  • Increased investments in advertising, promotional and selling expenses of between $130 million and $150 million, an increase from the previously communicated range of between $120 million and $140 million. This does not include any changes in freight costs for the shipment of products to the Company's distributors.
  • Non-GAAP effective tax rate of approximately 26.5%, excluding the impact of ASU 2016-09. This effective tax rate also excludes any potential future changes to current federal income tax rates and regulations.
  • Estimated capital spending of between $250 million and $350 million, a decrease from the previously communicated range of between $300 million and $400 million.

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



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