Market Updates
Boston Beer's Seltzer Demand Deceleration Delivers Quarterly Loss
Scott Peters
23 Apr, 2022
New York City
The Boston Beer Company said first quarter 2022 net revenues dropped 21% to $430.1 million, net loss was $2 million compared to $65.6 million profit, and diluted loss per share was 16 cents compared to earnings of $5.26.
First quarter depletion, a measure of demand in the distribution system, decreased 7% and shipment fell 25.1% but the craft brewer estimated full-year depletion and shipment growth between 4% and 10%.
The company's depletions rate for its flagship brand Samuel Adams were similar in comparable quarters but depletion rates were smaller than expected in hard seltzer products Truly Hard Seltzer, Angry Orchard, and Dogfish Head brands.
Shipment volume for the quarter was approximately 1.7 million barrels, a 25.1% decrease from the prior year, reflecting decreases in the Company's Truly Hard Seltzer, Twisted Tea, Angry Orchard, and Dogfish Head brands, partially offset by increases in its Samuel Adams brand.
Guidance and Outlook
The company estimated full-year 2022 non-GAAP earnings between $11 and $16 a share on a fully diluted basis.
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