Boston Beer Co. (NYSE: SAM) reported Q1 EPS of ($0.16), $2.13 worse than the analyst estimate of $1.97. Revenue for the quarter came in at $430.1 million versus the consensus estimate of $444.77 million.

GUIDANCE:

Boston Beer Co. sees FY2022 EPS of $11.00-$16.00, versus the consensus of $13.85.

The Company currently projects full-year 2022 Non-GAAP earnings per diluted share of between $11.00 and $16.00. This projection excludes the impact of ASU 2016-09 and is highly sensitive to changes in volume projections particularly related to the hard seltzer category and supply chain performance as well as inflationary impacts that have accelerated since we provided our last guidance. The Company's actual 2022 earnings per share could vary significantly from the current projection. The 2022 fiscal year includes 53 weeks compared to the 2021 fiscal year which included only 52 weeks. Underlying the Company's current 2022 projection are the following full-year estimates and targets:

• Depletions and shipments increase of between 4% and 10%. In the first quarter of 2022 total depletions declined 7% compared to the first quarter of 2021 and increased 38% compared to the first quarter of 2020. In order for the Company to achieve the mid-point of its full year depletions range, its depletions for the remainder of the year must increase 10% compared to the last nine months of 2021 and increase 29% compared to the last nine months of 2020.
• National price increases of between 3% and 5%.
• Gross margin of between 45% and 48%.
• Increased investments in advertising, promotional and selling expenses of between $0 and $20 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%, 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 $140 million and $190 million.

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