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Boston Beer Reports Third Quarter Financial Results

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Boston Beer Company (NYSE: SAM) reported Q3 2024 financial results with mixed performance. Net revenue increased 0.6% to $605.5 million despite a 3% decrease in depletions and 1.9% decrease in shipments. The company recorded a gross margin of 46.3%, up 60 basis points year-over-year. GAAP earnings per share was $2.86, including a $2.49 per share non-cash brand impairment charge primarily related to Dogfish Head. The company maintains strong financial position with $255.6 million in cash, no debt, and has repurchased $191.0 million in shares year-to-date. Full-year 2024 guidance projects depletions and shipments to decrease in low single digits, with gross margin expected between 44% to 45%.

Boston Beer Company (NYSE: SAM) ha riportato i risultati finanziari per il terzo trimestre del 2024 con prestazioni miste. Il fatturato netto è aumentato dello 0,6% a 605,5 milioni di dollari nonostante un calo del 3% nelle vendite e una diminuzione dell'1,9% nelle spedizioni. L'azienda ha registrato un margine lordo del 46,3%, in aumento di 60 punti base rispetto all'anno precedente. L'utile per azione secondo i principi contabili generalmente accettati (GAAP) è stato di 2,86 dollari, inclusa una svalutazione non monetaria del marchio di 2,49 dollari per azione, principalmente legata a Dogfish Head. L'azienda mantiene una solida posizione finanziaria con 255,6 milioni di dollari in contanti, nessun debito e ha riacquistato azioni per 191,0 milioni di dollari fino ad oggi. Le previsioni per l'intero anno 2024 prevedono un lieve calo delle vendite e delle spedizioni in percentuale, con un margine lordo previsto tra il 44% e il 45%.

Boston Beer Company (NYSE: SAM) informó los resultados financieros del tercer trimestre de 2024 con un rendimiento mixto. Los ingresos netos aumentaron un 0,6% a 605,5 millones de dólares, a pesar de una disminución del 3% en las ventas y una disminución del 1,9% en los envíos. La compañía registró un margen bruto del 46,3%, un aumento de 60 puntos base en comparación con el año anterior. Las ganancias por acción según GAAP fueron de 2,86 dólares, que incluye un cargo por deterioro de marca no monetario de 2,49 dólares por acción, relacionado principalmente con Dogfish Head. La empresa mantiene una sólida posición financiera con 255,6 millones de dólares en efectivo, sin deudas, y ha recomprado acciones por un valor de 191,0 millones de dólares hasta la fecha. Las proyecciones para el año completo 2024 anticipan disminuciones en ventas y envíos en un rango de un solo dígito bajo, con un margen bruto esperado entre el 44% y el 45%.

보스턴 맥주 회사 (NYSE: SAM)는 2024년 3분기 재무 결과를 혼합된 실적으로 보고했습니다. 순매출은 6억 5백50만 달러로 0.6% 증가했지만, 판매량은 3% 감소하고 선적량은 1.9% 감소했습니다. 이 회사는 1년 전 대비 60베이시스 포인트 증가한 46.3%의 총 이익률을 기록했습니다. GAAP 기준 주당 순이익은 2.86달러였으며, 이는 주당 2.49달러의 비현금 브랜드 손상 비용이 포함되어 있으며 주로 Dogfish Head와 관련이 있습니다. 이 회사는 현금 2억 5천56백만 달러로 강력한 재무 상태를 유지하고 있으며, 현재까지 1억 9천1백만 달러의 주식을 재매입했습니다. 2024년 전체 연도 가이드는 판매량과 선적량이 낮은 단일 숫자로 감소할 것으로 예상하며, 총 이익률은 44%에서 45% 사이일 것으로 보입니다.

Boston Beer Company (NYSE: SAM) a publié ses résultats financiers pour le troisième trimestre 2024 avec des performances mitigées. Le chiffre d'affaires net a augmenté de 0,6% pour atteindre 605,5 millions de dollars, malgré une baisse de 3% des ventes et une diminution de 1,9% des expéditions. L'entreprise a enregistré une marge brute de 46,3%, en hausse de 60 points de base par rapport à l'année précédente. Le bénéfice par action selon les normes GAAP s'élevait à 2,86 dollars, incluant une charge de dépréciation non monétaire de 2,49 dollars par action, principalement liée à Dogfish Head. L'entreprise maintient une position financière solide avec 255,6 millions de dollars en espèces, aucune dette, et a racheté pour 191,0 millions de dollars d'actions jusqu'à présent. Les prévisions pour l'année entière 2024 prévoient une baisse des ventes et des expéditions dans une fourchette de faible un chiffre, avec une marge brute attendue entre 44% et 45%.

Boston Beer Company (NYSE: SAM) hat die Finanzzahlen für das dritte Quartal 2024 mit gemischter Leistung veröffentlicht. Der Nettoumsatz stieg um 0,6% auf 605,5 Millionen Dollar, trotz eines Rückgangs der Verkaufszahlen um 3% und einer Abnahme der Lieferungen um 1,9%. Das Unternehmen verzeichnete eine Bruttomarge von 46,3%, was einem Anstieg von 60 Basispunkten im Vergleich zum Vorjahr entspricht. Der GAAP-Gewinn pro Aktie betrug 2,86 Dollar, einschließlich eines nicht zahlungswirksamen Markenwertminderungsaufwands von 2,49 Dollar pro Aktie, der hauptsächlich mit Dogfish Head in Verbindung steht. Das Unternehmen verfügt über eine starke finanzielle Position mit 255,6 Millionen Dollar in bar, keinen Schulden und hat bisher 191,0 Millionen Dollar an Aktien zurückgekauft. Die Prognose für das gesamte Jahr 2024 erwartet einen Rückgang der Verkaufszahlen und Lieferungen im niedrigen einstelligen Bereich, mit einer erwarteten Bruttomarge zwischen 44% und 45%.

Positive
  • Net revenue increased 0.6% to $605.5 million in Q3
  • Gross margin improved 60 basis points to 46.3%
  • Strong cash position of $255.6 million with no debt
  • $400 million increase in share repurchase authorization
  • Generated $207.0 million in operating cash flow year-to-date
Negative
  • Depletions decreased 3% in Q3
  • Shipments declined 1.9% to 2.24 million barrels
  • $42.6 million non-cash impairment charge for Dogfish Head brand
  • Net income decreased $11.8 million compared to prior year
  • Lowered full-year GAAP EPS guidance to $5.50-$7.50 from $7.00-$11.00

Insights

The Q3 results present a mixed picture for Boston Beer. While net revenue increased marginally by 0.6% to $605.5 million, the company faces challenges with declining depletions (-3%) and shipments (-1.9%). The bright spots include improved gross margins at 46.3% (up 60 basis points) and strong cash position of $255.6 million with no debt.

The $42.6 million Dogfish Head brand impairment charge significantly impacted GAAP earnings, though the underlying business shows resilience through price increases and cost management. The aggressive share buyback program ($191 million YTD) and $400 million authorization increase signal management's confidence in long-term prospects despite near-term headwinds in the Beyond Beer category.

The Beyond Beer category dynamics reveal shifting consumer preferences. While Truly Hard Seltzer continues to decline, Twisted Tea and newer offerings like Sun Cruiser and Hard Mountain Dew show promising growth. The company's inventory levels at 5.5 weeks (above 4-5 week target) suggest potential distribution challenges and could pressure Q4 shipments.

The revised guidance reflecting "softer near-term category trends" indicates broader market challenges, though Boston Beer's strong brand portfolio and innovation pipeline position it well for potential category recovery. The focus on supply chain modernization and disciplined innovation approach should help optimize operations for 2025.

BOSTON, Oct. 24, 2024 (GLOBE NEWSWIRE) -- The Boston Beer Company, Inc. (NYSE: SAM), today reported financial results for the third quarter ended September 28, 2024. Key results were:

Third Quarter 2024 Summary:

  • Depletions decreased 3% and shipments decreased 1.9%
  • Net revenue increased 0.6% to $605.5 million
  • Gross margin of 46.3% up 60 basis points year over year
  • GAAP diluted earnings per share of $2.86, which includes a non-cash brand impairment charge of $2.49 per share recorded in the third quarter of 2024
  • Non-GAAP diluted earnings per share of $5.35

Year-to-date 2024 Summary:

  • Depletions decreased 3% and shipments decreased 2.9%
  • Net revenue decreased 0.3% to $1.611 billion
  • Gross margin of 45.5% up 190 basis points year over year
  • GAAP diluted earnings per share of $8.27, which includes a non-cash brand impairment charge of $2.49 per share recorded in the third quarter of 2024
  • Non-GAAP diluted earnings per share of $10.76

Capital Structure

  • Generated $207.0 million in operating cash flow year-to-date
  • Ended the third quarter with $255.6 million in cash and no debt
  • Repurchased $191.0 million in shares from January 2, 2024 to October 18, 2024
  • Increased expenditure authorization for stock repurchase program by $400 million

“We continue to believe that there is significant growth opportunity in Beyond Beer categories despite some near-term variability in alcoholic beverage demand. The Boston Beer Company has a proven track record in creating new categories, producing beyond beer beverages and getting them into the hands of drinkers,” said Chairman and Founder Jim Koch. “We are using the strong cash generation of the business to invest in our brands and return cash to shareholders. Based on our view of the long-term growth prospects for the company, we recently expanded our share repurchase authorization by $400 million.”

“We continue to make progress on our strategic priorities to nurture our core brands, launch and support innovation in a disciplined way and modernize our supply chain,” said President and CEO Michael Spillane. “Our guidance has been narrowed to reflect three quarters of results, somewhat softer near-term category trends and solid gross margin delivery. We are focused on implementing plans to position the company for an improvement in operational and financial performance in 2025 and beyond.”

Details of the results were as follows:

Third Quarter 2024 (13 weeks ended September 28, 2024) Summary of Results

Depletions for the third quarter decreased 3% from the prior year. Shipment volume for the quarter was approximately 2.24 million barrels, a 1.9% decrease from the prior year, primarily due to declines in Truly Hard Seltzer that were partially offset by growth in the Company’s Twisted Tea, Sun Cruiser and Hard Mountain Dew brands.

The Company believes distributor inventory as of September 28, 2024 averaged approximately five and a half weeks on hand which is slightly higher than its target level of four to five weeks. This is expected to have a negative impact on fourth-quarter shipment volume which is reflected in the Company’s updated volume guidance.  

Net revenue for the quarter increased 0.6% due to price increases and lower returns, partially offset by lower volumes.  

Gross margin of 46.3% increased 60 basis points from the 45.7% margin realized in the prior year. Gross margin primarily benefited from price increases, procurement savings and lower returns, which more than offset higher inventory obsolescence and increased inflationary costs.

The third quarter gross margin of 46.3% includes $0.6 million of shortfall fees, which negatively impacted gross margin by approximately 10 basis points on an absolute basis, and a non-cash expense of third-party production pre-payments of $6.1 million that negatively impacted gross margins by approximately 100 basis points on an absolute basis.

Advertising, promotional and selling expenses for the third quarter of 2024 decreased $4.6 million or 3.0% from the third quarter of 2023, due to decreased freight to distributors of $2.8 million from improved efficiencies and lower volumes. Brand and selling costs decreased $1.8 million due to lower salaries and benefits.

General and administrative expenses increased by $1.6 million or 3.7% from the third quarter of 2023, primarily due to increased professional fees.

Impairment of intangible assets reflects a $42.6 million non-cash impairment charge recorded primarily for the Dogfish Head brand, taken as a result of the Company’s annual impairment analysis as of September 1, 2024. The impairment determination was primarily based on the latest forecasts of brand performance which has been below our projections made on the acquisition date. Beginning in the fourth quarter of 2024 the Company will be amortizing the remaining intangible asset of $14.4 million over a 10 year life and does not expect any future impairments related to the Dogfish Head brand.

The Company’s effective tax rate for the third quarter of 31.7% compared to 29.3% in the prior year. The increased effective tax rate is due to the impact of the impairment charge which resulted in lower pre-tax income compared to the prior year and higher non-deductible compensation expense.

Third quarter net income of $33.5 million or $2.86 per share, represented a decrease of $11.8 million or $0.84 per diluted share compared to the prior year. This decrease between periods was primarily driven by brand impairment and a higher tax rate partially offset by higher revenue, higher gross margins and lower advertising, promotional and selling expenses.

Year-to-date 2024 (39 weeks ended September 28, 2024) Summary of Results

Net revenue year-to-date of $1.611 billion decreased 0.3% compared to year-to-date 2023.

Depletions year-to-date decreased 3% from the prior year. Shipment volume year-to-date was approximately 6.0 million barrels, a 2.9% decrease from the prior year, primarily due to declines in Truly Hard Seltzer that were partially offset by growth in Twisted Tea and Sun Cruiser brands.

Gross margin year-to-date of 45.5% increased from the 43.6% margin realized in year-to-date 2023, or an increase of 190 basis points year over year. Gross margin primarily benefited from price increases, procurement savings, lower returns and a non-recurring payment in the prior year to a third-party contract brewery, partially offset by higher brewery processing costs per barrel due to lower volumes and increased inflationary costs.

The year-to-date gross margin of 45.5% includes $4.6 million of shortfall fees, which negatively impacted gross margin by approximately 30 basis points on an absolute basis and a non-cash expense of third-party production pre-payments of $16.5 million that negatively impacted gross margins by approximately 100 basis points on an absolute basis.

Advertising, promotional and selling expenses year-to-date decreased $14.9 million or 3.5% from year-to-date 2023, primarily due to decreased freight to distributors of $9.2 million from lower rates and volumes. Brand and selling costs decreased $5.7 million, primarily due to lower consulting costs.

General and administrative expenses year-to-date increased by $11.4 million or 8.7% from year-to-date 2023, primarily due to higher salaries and benefits costs resulting from Chief Executive Officer transition costs recorded in the first quarter and inflation costs.

The Company’s effective tax rate year-to-date was 30.3% compared to 28.4% year-to-date 2023 is due to higher non-deductible compensation primarily related to Chief Executive Officer transition costs.

Net income year-to-date of $98.5 million or $8.27 per share, represented an increase of $4.1 million or $0.60 per diluted share compared to year-to-date 2023. This increase between periods was primarily driven by higher gross margins, partially offset by lower revenue, increased brand impairment and an increased tax rate.

The Company expects that its September 28, 2024 cash balance of $255.6 million, together with its projected future operating cash flows and the unused balance on its $150.0 million line of credit, will be sufficient to fund future cash requirements.

During the 39-week period ended September 28, 2024 and the period from September 30, 2024 through October 18, 2024, the Company repurchased shares of its Class A Common Stock in the amounts of $176.0 million and $15.0 million, respectively, for a total of $191.0 million year to date. As of October 18, 2024, the Company had approximately $476 million remaining on the $1.6 billion share buyback expenditure limit set by the Board of Directors.

Depletions Estimate

Year-to-date depletions through the 42-week period ended October 18, 2024 are estimated by the Company to have decreased approximately 2% from the comparable period in 2023.

Full-Year 2024 Projections

The Company has updated its full year guidance. The Company’s actual 2024 results could vary significantly from the current projection and are highly sensitive to changes in volume projections and supply chain performance as well as inflationary impacts.

Full Year 2024Current GuidancePrior Guidance
Depletions and Shipments Percentage DecreaseDown low single digitsDown low single digit to zero
Price Increases2%1% to 2%
Gross Margin44% to 45%43% to 45%
Advertising, Promotion, and Selling Expense Year Over Year Change ($ million)($5) to $15($5) to $15
Effective Tax Rate30%28.5%
GAAP EPS$5.50 to $7.50$7.00 to $11.00
Non-GAAP EPS$8.00 to $10.00-
Capital Spending ($ million)$80 to $95$90 to $110
   

The non-GAAP earnings per share (Non-GAAP EPS) projection excludes the impact of the non-cash brand impairments of $42.6 million or $2.49 per diluted share.

Underlying the Company's current 2024 projections are the following full-year estimates and targets:

  • 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.
  • During full year 2024, the Company estimates shortfall fees will negatively impact gross margin by 65 to 75 basis points and the non-cash expense of third-party production pre-payments will negatively impact gross margins by 95 to 105 basis points.
  • 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 increase in the estimated full year effective tax rate is due to the impact of the third quarter non-cash brand impairment charge which decreased estimated full year pre-tax income but did not significantly change estimated full year non-deductible expenses.

2025 Financial Guidance

The Company is planning to provide full year 2025 financial guidance during its fourth quarter earnings call in February 2025.

Use of Non-GAAP Measures

Non-GAAP EPS is not a defined term under U.S. generally accepted accounting principles (“GAAP”). Non-GAAP EPS, or Non-GAAP earnings per diluted share, excludes from projected GAAP EPS the impact of the non-cash asset impairment charge of $42.6 million, or $2.49 per diluted share, recognized in the third quarter of fiscal 2024 relating primarily to the Dogfish Head brand. This non-GAAP measure should not be considered in isolation or as a substitute for diluted earnings per share prepared in accordance with GAAP, and may not be comparable to calculations of similarly titled measures by other companies. Management uses this non-GAAP financial measure to make operating and strategic decisions and to evaluate the Company’s underlying business performance. Management believes this forward-looking non-GAAP measure provides meaningful and useful information to investors and analysts regarding the Company’s outlook for its ongoing financial and business performance or trends and facilitates period to period comparisons of its forecasted financial performance.

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 30, 2023 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 brewing Samuel Adams beer in 1984 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  Thirty-nine weeks ended 
 September 28,
2024
  September 30,
2023
  September 28,
2024
  September 30,
2023
 
Revenue$642,131  $639,394  $1,708,555  $1,715,883 
Less excise taxes 36,654   37,795   97,928   100,980 
Net revenue 605,477   601,599   1,610,627   1,614,903 
Cost of goods sold 325,236   326,951   877,580   910,430 
Gross profit 280,241   274,648   733,047   704,473 
Operating expenses:           
Advertising, promotional, and selling expenses 147,986   152,579   412,484   427,369 
General and administrative expenses 43,818   42,241   142,226   130,834 
Impairment of intangible assets 42,584   16,426   42,584   16,426 
Impairment of brewery assets 20   1,900   3,751   3,916 
Total operating expenses 234,408   213,146   601,045   578,545 
Operating income 45,833   61,502   132,002   125,928 
Other income:           
Interest income 3,582   3,478   10,021   6,977 
Other expense (317)  (913)  (795)  (1,137)
Total other income 3,265   2,565   9,226   5,840 
Income before income tax provision 49,098   64,067   141,228   131,768 
Income tax provision 15,584   18,772   42,778   37,394 
Net income$33,514  $45,295  $98,450  $94,374 
Net income per common share – basic$2.87  $3.70  $8.29  $7.69 
Net income per common share – diluted$2.86  $3.70  $8.27  $7.67 
Weighted-average number of common shares – basic 11,682   12,228   11,878   12,268 
Weighted-average number of common shares – diluted 11,671   12,233   11,871   12,280 
Net income$33,514  $45,295  $98,450  $94,374 
Other comprehensive income (loss) :           
Foreign currency translation adjustment 40   (144)  (181)   
Total other comprehensive income (loss) 40   (144)  (181)   
Comprehensive income$33,554  $45,151  $98,269  $94,374 
                
                


 
THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
 (unaudited)    
 September 28,
2024
  December 30,
2023
 
Assets     
Current Assets:     
Cash and cash equivalents$255,601  $298,491 
Accounts receivable 94,101   66,997 
Inventories 160,322   115,773 
Prepaid expenses and other current assets 25,659   20,538 
Income tax receivable -   1,711 
Total current assets 535,683   503,510 
Property, plant, and equipment, net 619,013   642,509 
Operating right-of-use assets 29,766   35,559 
Goodwill 112,529   112,529 
Intangible assets, net 16,870   59,644 
Third-party production prepayments 18,015   33,581 
Note receivable 16,606    
Other assets 33,510   42,661 
Total assets$1,381,992  $1,429,993 
Liabilities and Stockholders' Equity     
Current Liabilities:     
Accounts payable$102,906  $87,245 
Accrued expenses and other current liabilities 154,139   126,930 
Current operating lease liabilities 6,602   9,113 
Total current liabilities 263,647   223,288 
Deferred income taxes, net 66,445   85,721 
Non-current operating lease liabilities 31,592   36,161 
Other liabilities 6,151   6,894 
Total liabilities 367,835   352,064 
Stockholders' Equity:     
Class A Common Stock, $0.01 par value; 22,700,000 shares authorized; 9,470,066 and 10,033,303 issued and outstanding as of September 28, 2024 and December 30, 2023     respectively 95   100 
Class B Common Stock, $0.01 par value; 4,200,000 shares authorized; 2,068,000 issued and outstanding at September 28, 2024 and December 30, 2023 21   21 
Additional paid-in capital 671,781   656,297 
Accumulated other comprehensive loss (238)  (57)
Retained earnings 342,498   421,568 
Total stockholders' equity 1,014,157   1,077,929 
Total liabilities and stockholders' equity$1,381,992  $1,429,993 
        
        


  
THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 (unaudited) 
 Thirty-nine weeks ended 
 September 28,
2024
  September 30,
2023
 
Cash flows provided by operating activities:     
Net income$98,450  $94,374 
Adjustments to reconcile net income to net cash provided by operating activities:     
Depreciation and amortization 70,904   66,603 
Impairment of intangible assets 42,584   16,426 
Impairment of brewery assets 3,751   3,916 
Gain on sale of property, plant, and equipment (263)   
Change in right-of-use assets 5,793   5,781 
Stock-based compensation expense 14,686   12,313 
Deferred income taxes (19,276)  (10,349)
Other non-cash expense 220   40 
Changes in operating assets and liabilities:     
Accounts receivable (27,324)  (31,253)
Inventories (40,148)  3,786 
Prepaid expenses, income tax receivable, and other assets (3,429)  3,986 
Third-party production prepayments 15,566   22,130 
Other assets 4,987   (9,368)
Accounts payable 18,053   31,341 
Accrued expenses and other liabilities 29,244   29,217 
Operating lease liabilities (6,808)  (6,542)
Net cash provided by operating activities 206,990   232,401 
Cash flows used in investing activities:     
Cash paid for note receivable (20,000)   
Purchases of property, plant, and equipment (52,770)  (48,777)
Proceeds from disposal of property, plant, and equipment 23   1,708 
Net cash used in investing activities (72,747)  (47,069)
Cash flows used in financing activities:     
Repurchases and retirement of Class A common stock (175,953)  (62,477)
Proceeds from exercise of stock options and sale of investment shares 2,699   10,660 
Cash paid on finance leases (1,473)  (1,184)
Payment of tax withholding on stock-based payment awards and investment shares (2,406)  (2,113)
Net cash used in financing activities (177,133)  (55,114)
Change in cash and cash equivalents (42,890)  130,218 
Cash and cash equivalents at beginning of period 298,491   180,560 
Cash and cash equivalents at end of period$255,601  $310,778 
      
      

 


Copies of The Boston Beer Company's press releases, including quarterly financial results,
are available on the Internet at www.bostonbeer.com


  
Investor Relations Contact:
Jennifer Larson
(617) 368-5152
jennifer.larson@bostonbeer.com
Media Contact:
Dave DeCecco
(914) 261-6572
dave.dececco@bostonbeer.com

FAQ

What was Boston Beer's (SAM) Q3 2024 revenue growth?

Boston Beer reported a 0.6% increase in net revenue to $605.5 million for Q3 2024.

How much was Boston Beer's (SAM) brand impairment charge in Q3 2024?

The company recorded a $42.6 million non-cash impairment charge primarily for the Dogfish Head brand in Q3 2024.

What is Boston Beer's (SAM) updated EPS guidance for 2024?

Boston Beer updated its 2024 GAAP EPS guidance to $5.50-$7.50, down from the previous guidance of $7.00-$11.00.

How much cash does Boston Beer (SAM) have as of Q3 2024?

Boston Beer reported $255.6 million in cash and no debt as of September 28, 2024.

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3.57B
8.64M
8.17%
75.94%
3.3%
Beverages - Brewers
Malt Beverages
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United States of America
BOSTON