- Craft Brew Alliance down (BREW -3.7%) as the company downgraded its shipments and depletions range to between flat and an increase of 3%.
- The company says that while shipments for portfolio anchor Kona Brewing were up 10% in 1H, significant retailer out-of-stock issues in key markets negatively impacted second quarter depletions and go-forward shipments; also, lower-than-planned contract brewing shipments are continuing to dampen volume growth.
- However, maintains average price increases of 1% to 2%, gross margin rate of 34.5% to 36.5% with SG&A between $75M - $79M and capex of ~$13M - $17M