-=Boston Beer (SAM) reported earnings on Thur 22 Oct 20 (a/h)

 

Boston Beer Co beats by $1.79, misses on revs; raises FY20 EPS guidance above consensus

Reports Q3 (Sep) earnings of $6.51 per share, $1.79 better than the S&P Capital IQ Consensus of $4.72; revenues rose 30.0% year/year to $492.8 mln vs the $520.93 mln S&P Capital IQ Consensus.

Depletions increased 36% and 40% from the 13- and 39-week comparable periods in the prior year.

Shipments increased 30.5% and 34.1% from the13- and 39-week comparable periods in the prior year.

Co issues raises guidance for FY20, sees EPS of $14.00-$15.00 vs. prior outlook of $11.70-$12.70, above the $12.72 S&P Capital IQ Consensus.

• Depletions and shipments increase of between 37% and 42% of which between 1% and 2% of this growth is due to the addition of the Dogfish Head brands.
• National price increases of between 1% and 2%.
• Gross margin of between 46% and 47%.

2021 Outlook: The company is completing its 2021 planning process and will provide further detailed guidance when the Company presents its full-year 2020 results. The company is currently using the following preliminary assumptions and targets for its 2021 fiscal year:

• Depletions and shipments percentage increase between 35% and 45%
• National price increases of between 1% and 2%.
• Gross margin of between 46% and 48%.