Boston Beer Co beats by $0.06, reports revs in-line; guides FY18 EPS below consensus
- Reports Q4 (Dec) earnings of $0.85 per share, $0.06 better than the Capital IQ Consensus of $0.79; revenues fell 5.9% year/year to $206.32 mln vs the $206.46 mln Capital IQ Consensus.
- Net income for the 2017 fourth quarter was $30.5 million, or $2.57 per diluted share, an increase of $8.4 million or $0.82 per diluted share from the fourth quarter of 2016. This increase was primarily due to a favorable one-time impact of $1.72 per diluted share related to the Tax Cuts and Jobs Act of 2017 that was enacted in December 2017 and an increase in gross margins, partially offset by the impact of lower shipments and higher brand investments.
- Gross margin for the 2017 fourth quarter was 52.4% and for the 2017 full year was 52.1%, an increase of 3.3 and 1.4 percentage points compared to the respective 2016 periods.
- Co issues downside guidance for FY18, sees EPS of $6.30-7.30, reflecting the uncertain volume outlook, vs. $7.54 Capital IQ Consensus Estimate.
- Depletions and shipments percentage change of between zero and plus 6 percent.
- National price increases of between zero and 2%.
- Gross margin of between 52% and 54%, increasing during the year due to progress on cost saving initiatives.
- Estimated capital spending of between $55 million and $65 million, which could be significantly higher, if deemed necessary to meet future growth.
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