Boston Beer GAAP EPS of $4.31 misses by $0.15, revenue of $616.2M beats by $12.73M, lowers guidance

Jul. 21, 2022 4:16 PM ETThe Boston Beer Company, Inc. (SAM)By: Gaurav Batavia, SA News Editor3 Comments
  • Boston Beer press release (NYSE:SAM): Q2 GAAP EPS of $4.31 misses by $0.15.
  • Revenue of $616.2M (+2.2% Y/Y) beats by $12.73M.
  • Shares -2.5%.
  • Depletions decreased 7% and shipments declined 1.1% compared to the quarter ended June 26, 2021.
  • Gross margin of 43.1% was 2.6 percentage points below the 2021 second quarter gross margin of 45.7%.
  • FY22 Guidance: The Company currently projects full-year 2022 Non-GAAP earnings per diluted share of between $6.00 and $11.00 a change from the previous estimate of between $11.00 and $16.00 vs. 11.98 consensus.
  • Depletions and shipments decrease of between 2% and 8% a change from the previous estimate of an increase of between 4% and 10%.
  • National price increases of between 3% and 5%.
  • Gross margin of between 43% and 45% a change from the previous estimate of between 45% and 48%
  • Decreased investments in advertising, promotional and selling expenses of between $30 and $50 million, a change from our previous estimate of a decrease of between zero and $20 million
  • Non-GAAP effective tax rate of between 26% and 27%, excluding the impact of ASU 2016-09, a change from the previous estimate of approximately 26%.
  • Estimated capital spending of between $110 million and $140 million a change from the previous estimate of between $140 million and $190 million.
  • Note: The revised post corrects GAAP EPS.

This was corrected on 07/21/2022 at 4:56 PM. The revised post corrects GAAP EPS.

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