USA: Boston Beer Company reports increased net revenue in quarter ended September 30
The Boston Beer Company, Inc. on October 26 reported financial results for its third quarter that ended September 30, 2023. Key results were:
Third Quarter 2023 Summary:
• Depletions decreased 6% on a fiscal calendar basis and decreased approximately 3% on a comparable week basis
• Shipments decreased 2.5% on a fiscal calendar basis and decreased 1.8% on a comparable week basis
• Net revenue increased 0.9% to $601.6 million
• Gross margin increased 250 basis points to 45.7%
• Net income of $45.3 million, which includes non-cash brand impairment charges of $16.4 million and the related tax benefit
• Diluted earnings per share of $3.70, including non-cash brand impairment charges of $0.96 per share
Capital Structure
• Generated $131.3 million in operating cash flow in the third quarter
• Ended the third quarter with $310.8 million in cash and no debt
• Repurchased $69.4 million in shares from January 3, 2023 to October 20, 2023
"On a comparable weeks basis, which adjusts for the timing impact of the July 4th holiday, our depletions trends improved from a decrease of 7% in the second quarter to a decrease of 3% in the third quarter. We continue to execute our operational plans and grew revenue, gross margin and operating cash flow in the quarter which enabled us to repurchase over $69 million in shares year-to-date," said Chairman and Founder Jim Koch. "Our highly cash-generative business and strong balance sheet allow us to invest in our brands as we work to return to long-term sustainable growth."
"We are pleased with our performance in the third quarter as momentum on Twisted Tea remained strong and we continued to show progress on our margin enhancement plans while increasing brand investment. Based on our results year-to-date and our expectations for the fourth quarter, we are narrowing our revenue and EPS guidance ranges," said President and CEO Dave Burwick. "We plan to continue to invest behind the Twisted Tea and Truly brands while also nurturing innovation across Beyond Beer categories to drive long-term growth."
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