Headline: Boston Beer Announces Robust Q3 Results, Yet Full-Year Guidance Falls Short of Expectations

BOSTON - The Boston Beer Company, Inc. (NYSE:SAM) reported third-quarter earnings that exceeded analysts' expectations, but its full-year guidance fell short, causing the company's shares to dip by 0.6% in after-hours trading. The producer of Samuel Adams beer and Truly Hard Seltzer reported adjusted earnings of $5.35 per share, surpassing the consensus estimate of $5.03. Revenue rose to $605.5 million, a 0.6% increase year-over-year, slightly above analysts' expectation of $605.14 million.

However, for the full year 2024, Boston Beer provided an earnings guidance range of $8.00 to $10.00 per share, which falls below the consensus estimate of $9.58. The company cited "slightly softer category trends in the near term."

Chairman and Founder Jim Koch stated, "While there is some near-term variability in alcoholic beverage demand, we continue to believe in a significant growth opportunity in Beyond Beer categories."

A critical industry metric measuring sales to retailers, depletions, decreased by 3% during the quarter. Shipment volume fell by approximately 1.9%, dropping to around 2.24 million barrels.

The company's gross margin improved by 60 basis points year-over-year to 46.3%, benefiting from pricing increases and supply savings.

Boston Beer repurchased $191 million worth of shares year-to-date through October 18. The company also increased its share repurchase authorization by $400 million.