Boston Beer Co. (NYSE: SAM) reported Q1 EPS of $0.62, $0.08 worse than the analyst estimate of $0.70. Revenue for the quarter came in at $183.8 million versus the consensus estimate of $179.14 million.

Highlights of this release include:

• Depletions for the 13 week period ending March 29, 2014 grew by 34% from the comparable 13 week period ending March 30, 2013.
• The Company achieved price increases of approximately 2% during the quarter.
• First quarter gross margin was 49%, but the Company maintains its full year gross margin target of between 51% and 53%.
• Advertising, promotional and selling expense increased by $17.8 million or 41% in the quarter, primarily due to planned increased investments behind the Company's brands.
• The Company's effective tax rate increased to 37% from 28% in the first quarter of 2013. The 2013 rate was a result of the favorable impact of a federal income tax settlement of $0.06 per diluted share in 2013.
• Full year 2014 depletion growth is estimated to be between 16% and 20% and estimated full year 2014 earnings per diluted share of $6.00 to $6.40 remain unchanged
• Full year 2014 capital spending is now estimated to be between $160 million and $200 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.