USA, MA: Boston Beer reports 5.3% increase in Q1 shipments

The Boston Beer Company, Inc. on April 24 reported financial results for the first quarter ended March 29, 2025.

Key results were:

First Quarter 2025 Summary:

• Depletions decreased 1% and shipments increased 5.3%
• Net revenue of $453.9 million increased 6.5%
• Gross margin of 48.3% up 460 basis points year over year
• Net income of $24.4 million, an increase of $11.8 million or 93.8% year over year
• Diluted income per share of $2.16, an increase of 108% 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 $61 million repurchased year to date.”

“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.”

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