Boston Beer Reports First Quarter Financial Results
Boston Beer Company (NYSE: SAM) reported strong Q1 2025 financial results with net revenue increasing 6.5% to $453.9 million. The company saw a 5.3% increase in shipments despite a 1% decrease in depletions. Net income surged 93.8% to $24.4 million, with diluted earnings per share rising 108% to $2.16.
Gross margin improved significantly to 48.3%, up 460 basis points year-over-year. The company maintained a strong financial position with $152.5 million in cash and no debt, while returning value to shareholders through $61 million in share repurchases from December 2024 to April 2025.
For full-year 2025, Boston Beer projects depletions and shipments between down low single digit to up low single digit, with price increases of 1-2%. The company expects GAAP EPS of $8.00 to $10.50, while estimating a $20-30 million impact from tariffs.
Boston Beer Company (NYSE: SAM) ha riportato solidi risultati finanziari nel primo trimestre 2025, con un fatturato netto in crescita del 6,5% a 453,9 milioni di dollari. L'azienda ha registrato un aumento delle spedizioni del 5,3%, nonostante una diminuzione dell'1% delle vendite effettive. Il utile netto è aumentato del 93,8%, raggiungendo 24,4 milioni di dollari, mentre l'utile per azione diluito è cresciuto del 108%, arrivando a 2,16 dollari.
Il margine lordo è migliorato significativamente, attestandosi al 48,3%, con un incremento di 460 punti base su base annua. L'azienda ha mantenuto una solida posizione finanziaria con 152,5 milioni di dollari in liquidità e nessun debito, restituendo valore agli azionisti tramite riacquisti di azioni per 61 milioni di dollari da dicembre 2024 ad aprile 2025.
Per l'intero anno 2025, Boston Beer prevede che le vendite effettive e le spedizioni possano variare da un calo a una crescita a una cifra bassa, con aumenti di prezzo tra l'1% e il 2%. La società stima un utile per azione GAAP compreso tra 8,00 e 10,50 dollari, prevedendo un impatto dai dazi tra 20 e 30 milioni di dollari.
Boston Beer Company (NYSE: SAM) reportó sólidos resultados financieros en el primer trimestre de 2025, con ingresos netos que aumentaron un 6,5% hasta 453,9 millones de dólares. La compañía experimentó un incremento del 5,3% en los envíos, a pesar de una disminución del 1% en las ventas netas. El ingreso neto se disparó un 93,8% hasta 24,4 millones de dólares, y las ganancias diluidas por acción aumentaron un 108%, alcanzando los 2,16 dólares.
El margen bruto mejoró significativamente hasta el 48,3%, con un aumento de 460 puntos básicos interanuales. La empresa mantuvo una posición financiera sólida con 152,5 millones de dólares en efectivo y sin deuda, devolviendo valor a los accionistas mediante recompras de acciones por 61 millones de dólares entre diciembre de 2024 y abril de 2025.
Para todo el año 2025, Boston Beer proyecta que las ventas netas y los envíos estarán entre una baja y una alta cifra de un solo dígito, con aumentos de precios del 1 al 2%. La compañía espera ganancias por acción GAAP de entre 8,00 y 10,50 dólares, estimando un impacto de aranceles entre 20 y 30 millones de dólares.
Boston Beer Company (NYSE: SAM)는 2025년 1분기 강력한 재무 실적을 보고했으며, 순매출이 6.5% 증가한 4억 5,390만 달러를 기록했습니다. 회사는 출하량이 5.3% 증가했으나 판매 감소는 1%를 기록했습니다. 순이익은 93.8% 급증하여 2,440만 달러에 달했으며, 희석 주당순이익은 108% 증가하여 2.16달러를 기록했습니다.
총이익률은 전년 대비 460 베이시스 포인트 상승한 48.3%로 크게 개선되었습니다. 회사는 1억 5,250만 달러의 현금과 무부채 상태를 유지하며, 2024년 12월부터 2025년 4월까지 6,100만 달러 규모의 자사주 매입을 통해 주주에게 가치를 환원했습니다.
2025년 전체에 대해 Boston Beer는 판매 및 출하량이 낮은 한 자릿수 감소에서 높은 한 자릿수 증가 범위 내에 있을 것으로 예상하며, 가격 인상은 1~2%로 전망합니다. 회사는 GAAP 기준 주당순이익을 8.00달러에서 10.50달러 사이로 예상하며, 관세 영향은 2,000만 달러에서 3,000만 달러 사이로 추정합니다.
Boston Beer Company (NYSE : SAM) a annoncé de solides résultats financiers pour le premier trimestre 2025, avec un chiffre d'affaires net en hausse de 6,5 % à 453,9 millions de dollars. La société a enregistré une augmentation des expéditions de 5,3 %, malgré une baisse des ventes nettes de 1 %. Le résultat net a bondi de 93,8 % pour atteindre 24,4 millions de dollars, tandis que le bénéfice dilué par action a augmenté de 108 % pour s'établir à 2,16 dollars.
La marge brute s'est nettement améliorée, atteignant 48,3 %, soit une hausse de 460 points de base par rapport à l'année précédente. L'entreprise a conservé une position financière solide avec 152,5 millions de dollars en liquidités et aucune dette, tout en restituant de la valeur aux actionnaires via des rachats d'actions à hauteur de 61 millions de dollars entre décembre 2024 et avril 2025.
Pour l'année complète 2025, Boston Beer prévoit que les ventes nettes et les expéditions évolueront entre une baisse et une hausse à un chiffre faible, avec des augmentations de prix de 1 à 2 %. La société anticipe un bénéfice par action selon les normes GAAP compris entre 8,00 et 10,50 dollars, en estimant un impact des tarifs douaniers entre 20 et 30 millions de dollars.
Boston Beer Company (NYSE: SAM) meldete starke Finanzergebnisse für das erste Quartal 2025 mit einem Nettoumsatzanstieg von 6,5 % auf 453,9 Millionen US-Dollar. Das Unternehmen verzeichnete einen Versandanstieg von 5,3 %, trotz eines Rückgangs der Abverkäufe um 1 %. Der Nettoertrag stieg um 93,8 % auf 24,4 Millionen US-Dollar, während der verwässerte Gewinn je Aktie um 108 % auf 2,16 US-Dollar zunahm.
Die Bruttomarge verbesserte sich deutlich auf 48,3 %, was einem Anstieg von 460 Basispunkten gegenüber dem Vorjahr entspricht. Das Unternehmen hielt eine starke Finanzlage mit 152,5 Millionen US-Dollar in bar und keiner Verschuldung und schüttete den Aktionären durch Aktienrückkäufe im Wert von 61 Millionen US-Dollar von Dezember 2024 bis April 2025 Wert zurück.
Für das Gesamtjahr 2025 prognostiziert Boston Beer, dass Abverkäufe und Lieferungen zwischen einem niedrigen einstelligen Rückgang und einem niedrigen einstelligen Anstieg liegen werden, mit Preiserhöhungen von 1 bis 2 %. Das Unternehmen erwartet einen GAAP-Gewinn je Aktie von 8,00 bis 10,50 US-Dollar und schätzt einen Zolleinfluss von 20 bis 30 Millionen US-Dollar.
- Net income increased 93.8% to $24.4 million
- Gross margin improved 460 basis points to 48.3%
- Shipments increased 5.3% year-over-year
- Strong balance sheet with $152.5M cash and no debt
- Significant shareholder returns through $61M in share buybacks
- Depletions decreased 1% year-over-year
- Expected $20-30M negative impact from tariffs in 2025
- Advertising expenses increased 14.3% to $17.3M
- Declining Truly brand performance
Insights
Boston Beer doubled EPS despite category headwinds, driven by 460bps margin expansion and effective cost management.
Boston Beer's Q1 2025 results reveal remarkable profitability gains despite challenging market conditions. While depletions decreased 1
The standout metric is the company's dramatic margin expansion. Gross margin improved 460 basis points to 48.3
Brand performance shows a shifting portfolio dynamic. Growth in Sun Cruiser, Hard Mountain Dew, and Twisted Tea offset declines in the Truly hard seltzer brand, highlighting Boston Beer's ability to navigate evolving consumer preferences within the "beyond beer" category it pioneered.
The company maintains excellent financial health with
One potential concern is the divergence between shipments and depletions, indicating inventory build in the distribution system. However, management expects this gap to reverse in the second half of 2025, primarily in Q3.
Looking ahead, Boston Beer reiterated its full-year guidance while noting potential tariff impacts of
BOSTON, April 24, 2025 (GLOBE NEWSWIRE) -- The Boston Beer Company, Inc. (NYSE: SAM), today reported financial results for the first quarter ended March 29, 2025. Key results were:
First Quarter 2025 Summary:
- Depletions decreased
1% and shipments increased5.3% - Net revenue of
$453.9 million increased6.5% - Gross margin of
48.3% up 460 basis points year over year - Net income of
$24.4 million , an increase of$11.8 million or93.8% year over year - Diluted income per share of
$2.16 , an increase of108% year over year
Capital Structure
- Ended the first quarter with
$152.5 million in cash and no debt - Repurchased
$61 million in shares from December 30, 2024 to April 18, 2025
“Our business remained resilient despite subdued category trends,” said Chairman and Founder Jim Koch. “While the external environment remains dynamic, we have a diversified portfolio of iconic brands, strong innovation pipeline and the best sales force in beer. Our strong balance sheet fuels our 2025 incremental brand investments and enables us to return cash to shareholders with
“Our first quarter performance reflects a solid start to the year as we increased our market share and significantly expanded gross margin,” said President and CEO Michael Spillane. “As the macroeconomic climate continues to be challenging, we remain focused on executing our strong operating plans for the summer season, across our core brands and our recently introduced innovations, supported in both cases by targeted advertising investment.”
Details of the results were as follows:
First Quarter 2025 (13 weeks ended March 29, 2025) Summary of Results
Depletions for the first quarter decreased
The Company believes distributor inventory as of March 29, 2025 was at an appropriate level for each of its brands and averaged approximately five weeks on hand compared to four weeks on hand at the end of the fourth quarter of 2024 and four and a half weeks at the end of the first quarter of 2024.
Revenue for the quarter increased
Gross margin of
The first quarter gross margin of
Advertising, promotional and selling expenses for the first quarter of 2025 increased
General and administrative expenses decreased by
The Company’s effective tax rate for the first quarter was
The Company expects that its March 29, 2025 cash balance of
During the 13-week period ended March 29, 2025 and the period from March 31, 2025 through April 18, 2025, the Company repurchased shares of its Class A Common Stock in the amounts of
Depletions Estimate
Year-to-date depletions through the 16-week period ended April 18, 2025 are estimated by the Company to have decreased approximately
Full-Year 2025 Projections
Exclusive of the estimated impact of tariffs, the Company is reiterating its full year financial guidance communicated in its February 25, 2025 Earnings Release. The Company’s projections in the table below do not include any impact from tariffs. Based on the information currently available and tariff programs announced to date, the Company estimates tariffs will have an unfavorable cost impact for the full year 2025 of approximately
The Company’s actual 2025 results could vary significantly from the current projection and are highly sensitive to changes in volume projections, supply chain performance, inflationary impacts and the impact of tariffs.
| Full Year 2025 | Current Guidance |
| Depletions and Shipments Percentage Change | Down low single digit to up low single digit |
| Price Increases | |
| Gross Margin | |
| Advertising, Promotion, and Selling Expense Year Over Year Change ($ million) | |
| Effective Tax Rate | |
| GAAP EPS | |
| Capital Spending ($ million) |
Underlying the Company's current 2025 projections are the following full-year estimates and targets:
- The Company’s business is seasonal, with the first quarter and fourth quarter being lower volume quarters and the fourth quarter typically the lowest absolute gross margin rate of the year.
- The Company currently estimates that shipment trends will be above depletion trends in the second quarter, with second quarter year over year shipment growth lower than the first quarter.
- The Company expects that the trend of shipments exceeding depletions will reverse in the second half of the year, primarily in the third quarter.
- During full year 2025, the Company continues to estimate that shortfall fees will negatively impact gross margin by 60 to 80 basis points and non-cash expense of third-party production pre-payments will negatively impact gross margins by 40 to 60 basis points.
- The advertising, selling and promotional expense projection does not include any changes in freight costs for the shipment of products to the Company’s distributors.
- The dollar increases in advertising, selling and promotional expense are expected to occur primarily in the first half of the year.
- The benefit of lapping CEO transition costs incurred in 2024 is currently expected to be offset by an increase in estimated incentive compensation at target for 2025 compared to 2024 achievement.
Forward-Looking Statements
Statements made in this press release that state the Company’s or management’s intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. It is important to note that the Company’s actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company’s SEC filings, including, but not limited to, the Company’s report on Form 10-K for the year ended December 28, 2024 and subsequent reports filed by the Company with the SEC on Forms 10-Q and 8-K. Copies of these documents are available from the SEC and may be found on the Company’s website, www.bostonbeer.com. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements.
About the Company
The Boston Beer Company, Inc. (NYSE: SAM) began in 1984 brewing Samuel Adams beer and has since grown to become one of the largest and most respected craft brewers in the United States. We consistently offer the highest-quality products to our drinkers, and we apply what we’ve learned from making great-tasting craft beer to making great-tasting and innovative “beyond beer” products. Boston Beer Company has pioneered not only craft beer but also hard cider, hard seltzer and hard tea. Our core brands include household names like Angry Orchard Hard Cider, Dogfish Head, Sun Cruiser, Truly Hard Seltzer, Twisted Tea Hard Iced Tea, and Samuel Adams. We have taprooms and hospitality locations in California, Delaware, Massachusetts, New York and Ohio. For more information, please visit our website at www.bostonbeer.com, which includes links to our respective brand websites.
| THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||
| (in thousands, except per share data) | ||||||||
| (unaudited) | ||||||||
| Thirteen weeks ended | ||||||||
| March 29, 2025 | March 30, 2024 | |||||||
| Revenue | $ | 481,357 | $ | 452,208 | ||||
| Less excise taxes | 27,490 | 26,156 | ||||||
| Net revenue | 453,867 | 426,052 | ||||||
| Cost of goods sold | 234,604 | 239,704 | ||||||
| Gross profit | 219,263 | 186,348 | ||||||
| Operating expenses: | ||||||||
| Advertising, promotional, and selling expenses | 137,535 | 120,275 | ||||||
| General and administrative expenses | 47,952 | 50,384 | ||||||
| Impairment of brewery assets | — | 335 | ||||||
| Total operating expenses | 185,487 | 170,994 | ||||||
| Operating income | 33,776 | 15,354 | ||||||
| Other income, net: | ||||||||
| Interest income, net | 2,331 | 3,493 | ||||||
| Other expense, net | (264 | ) | (38 | ) | ||||
| Total other income, net | 2,067 | 3,455 | ||||||
| Income before income tax provision | 35,843 | 18,809 | ||||||
| Income tax provision | 11,431 | 6,212 | ||||||
| Net income | $ | 24,412 | $ | 12,597 | ||||
| Net income per common share – basic | $ | 2.16 | $ | 1.05 | ||||
| Net income per common share – diluted | $ | 2.16 | $ | 1.04 | ||||
| Weighted-average number of common shares – basic | 11,277 | 12,054 | ||||||
| Weighted-average number of common shares – diluted | 11,259 | 12,055 | ||||||
| Net income | $ | 24,412 | $ | 12,597 | ||||
| Other comprehensive income (loss): | ||||||||
| Foreign currency translation adjustment | 149 | (162 | ) | |||||
| Total other comprehensive income (loss) | 149 | (162 | ) | |||||
| Comprehensive income | $ | 24,561 | $ | 12,435 | ||||
| THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (in thousands, except share data) | ||||||||
| (unaudited) | ||||||||
| March 29, 2025 | December 28, 2024 | |||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 152,454 | $ | 211,819 | ||||
| Accounts receivable | 87,705 | 61,423 | ||||||
| Inventories | 145,256 | 117,159 | ||||||
| Prepaid expenses and other current assets | 28,834 | 20,209 | ||||||
| Income tax receivable | 99 | 6,681 | ||||||
| Total current assets | 414,348 | 417,291 | ||||||
| Property, plant, and equipment, net | 603,581 | 616,242 | ||||||
| Operating right-of-use assets | 38,998 | 27,837 | ||||||
| Goodwill | 112,529 | 112,529 | ||||||
| Intangible assets, net | 16,023 | 16,446 | ||||||
| Third-party production prepayments | 11,898 | 14,473 | ||||||
| Note receivable | 16,753 | 16,738 | ||||||
| Other assets | 26,094 | 28,462 | ||||||
| Total assets | $ | 1,240,224 | $ | 1,250,018 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 110,088 | $ | 87,276 | ||||
| Accrued expenses and other current liabilities | 118,989 | 138,618 | ||||||
| Current operating lease liabilities | 12,120 | 5,735 | ||||||
| Total current liabilities | 241,197 | 231,629 | ||||||
| Deferred income taxes, net | 63,216 | 65,803 | ||||||
| Non-current operating lease liabilities | 34,730 | 30,205 | ||||||
| Other liabilities | 4,071 | 6,194 | ||||||
| Total liabilities | 343,214 | 333,831 | ||||||
| Commitments and Contingencies | ||||||||
| Stockholders' Equity: | ||||||||
| Class A Common Stock, | 91 | 93 | ||||||
| Class B Common Stock, issued and outstanding at March 29, 2025 and December 28, 2024 | 21 | 21 | ||||||
| Additional paid-in capital | 682,334 | 676,454 | ||||||
| Accumulated other comprehensive loss | (547 | ) | (696 | ) | ||||
| Retained earnings | 215,111 | 240,315 | ||||||
| Total stockholders' equity | 897,010 | 916,187 | ||||||
| Total liabilities and stockholders' equity | $ | 1,240,224 | $ | 1,250,018 | ||||
| THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| (in thousands) | ||||||||
| (unaudited) | ||||||||
| Thirteen weeks ended | ||||||||
| March 29, 2025 | March 30, 2024 | |||||||
| Cash flows provided by (used in) operating activities: | ||||||||
| Net income | $ | 24,412 | $ | 12,597 | ||||
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||
| Depreciation and amortization | 22,814 | 23,404 | ||||||
| Impairment of brewery assets | — | 335 | ||||||
| Gain on sale of property, plant, and equipment | (42 | ) | (23 | ) | ||||
| Change in right-of-use assets | (11,161 | ) | 1,915 | |||||
| Stock-based compensation expense | 5,870 | 7,127 | ||||||
| Deferred income taxes | (2,587 | ) | (11 | ) | ||||
| Other non-cash expense | 120 | 99 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (26,402 | ) | (6,304 | ) | ||||
| Inventories | (26,827 | ) | (29,342 | ) | ||||
| Prepaid expenses, income tax receivable, and other current assets | (1,848 | ) | (5,503 | ) | ||||
| Third-party production prepayments | 2,575 | 2,919 | ||||||
| Other assets | 888 | 1,262 | ||||||
| Accounts payable | 23,004 | 11,352 | ||||||
| Accrued expenses, income taxes payable and other liabilities | (19,788 | ) | (22,356 | ) | ||||
| Operating lease liabilities | 10,911 | (2,355 | ) | |||||
| Net cash provided by (used in) operating activities | 1,939 | (4,884 | ) | |||||
| Cash flows used in investing activities: | ||||||||
| Cash paid for note receivable | — | (20,000 | ) | |||||
| Purchases of property, plant, and equipment | (9,921 | ) | (15,737 | ) | ||||
| Proceeds from disposal of property, plant, and equipment | 42 | 23 | ||||||
| Net cash used in investing activities | (9,879 | ) | (35,714 | ) | ||||
| Cash flows used in financing activities: | ||||||||
| Repurchases and retirement of Class A common stock | (49,394 | ) | (49,967 | ) | ||||
| Proceeds from exercise of stock options and sale of investment shares | 446 | 479 | ||||||
| Cash paid on finance leases | (420 | ) | (557 | ) | ||||
| Payment of tax withholding on stock-based payment awards and investment shares | (2,057 | ) | (2,404 | ) | ||||
| Net cash used in financing activities | (51,425 | ) | (52,449 | ) | ||||
| Change in cash and cash equivalents | (59,365 | ) | (93,047 | ) | ||||
| Cash and cash equivalents at beginning of period | 211,819 | 298,491 | ||||||
| Cash and cash equivalents at end of period | $ | 152,454 | $ | 205,444 | ||||
| Copies of The Boston Beer Company's press releases, including quarterly financial results, are available at www.bostonbeer.com | ||||||||
| Investor Relations Contact: | Media Contact: | ||
| Jennifer Larson | Dave DeCecco | ||
| (617) 368-5152 | (914) 261-6572 | ||
| jennifer.larson@bostonbeer.com | dave.dececco@bostonbeer.com |
FAQ
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