NYSE$SAM
Boston Beer Co Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Reported financial results, reflecting a decrease in net revenue but an increase in net income and gross margin.
Boston Beer reported a decrease in net revenue by 2.1% to $603.3 million, but net income increased by 8.8% to $58.0 million. Gross margin improved by 230 basis points to 45.4%.
- Depletions decreased 3%.
- Shipments decreased 4.5%.
- Net revenue decreased 2.1% to $603.3 million.
- Gross margin increased 230 basis points to 45.4%.
Headline financials
Revenue & EPS history
Boston Beer · Revenue · Quarterly
$603M
Forward guidance
The Company is maintaining the full year volume and earnings guidance previously communicated in its April 25, 2023 Earnings Release and increasing its Advertising, Promotion and Selling Expense guidance.
Tailwinds
- Depletions Decreases (2%) to (8%)
- Shipments Decreases (2%) to (8%)
- Price Increases 1% to 3%
- Gross Margin 41% to 43%
- Advertising, Promotion, and Selling Expense YoY Change ($ million) $20 to $40
Headwinds
- The Company’s actual 2023 results could vary significantly from the current projection and are highly sensitive to changes in volume projections particularly related to the hard seltzer category and supply chain performance as well as inflationary impacts.
- The 2023 fiscal year includes 52 weeks compared to the 2022 fiscal year which included 53 weeks.
- The Company’s guidance on depletions and shipments includes the estimated negative impact of approximately 1.0 percentage point due to the fact that fiscal 2022 had 53 weeks and fiscal 2023 will have 52 weeks. On a 52-week comparable basis the Company expects depletions and shipments to decrease 1% to 7%.
- The Company’s guidance incorporates an expectation of shortfall fees, which primarily impact the fourth quarter. Therefore, the Company expects year-over-year gross margin improvement to be lower in the fourth quarter relative to earlier quarters.
- The advertising, selling and promotional expense projection does not include any changes in freight costs for the shipment of products to the Company’s distributors.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2023
+0.1%
Avg return
Earnings day
+0.7%
Avg return
5 days after
-0.8%
Avg return
30 days after
45%
29 / 65 earnings
Positive
+24.7%
Q2 2020
Best reaction
-24.6%
Q2 2021
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.2% | -12.8% | -25.2% | |
| Q4 2025 | -7.1% | -1.9% | +1.0% | |
| Q3 2025 | +5.7% | -3.0% | -10.8% | |
| Q1 2025 | +2.3% | +1.4% | -4.3% | |
| Q4 2024 | +3.0% | +5.9% | +2.2% | |
| Q3 2024 | -1.8% | -0.9% | +3.7% | |
| Q2 2024 | +7.0% | +2.7% | +3.7% | |
| Q1 2024 | -3.4% | -5.1% | -11.1% | |
| Q4 2023 | -13.3% | -15.3% | -15.3% | |
| Q3 2023 | -14.2% | -10.3% | -8.3% | |
| Q2 2023 | +16.5% | +16.9% | +13.1% | |
| Q1 2023 | +1.8% | -0.2% | +1.9% | |
| Q4 2022 | -13.1% | -14.7% | -19.6% | |
| Q3 2022 | +20.0% | +23.8% | +12.3% | |
| Q2 2022 | +6.6% | +7.8% | +10.1% | |
| Q1 2022 | -2.9% | -0.4% | -8.9% | |
| Q4 2021 | -6.0% | -10.5% | -4.9% | |
| Q3 2021 | +2.8% | -2.2% | -9.1% | |
| Q2 2021 | -24.6% | -23.0% | -36.8% | |
| Q1 2021 | +2.3% | -3.2% | -16.7% | |
| Q4 2020 | -4.3% | -11.7% | -5.2% | |
| Q3 2020 | +19.8% | +18.2% | +3.0% | |
| Q2 2020 | +24.7% | +23.1% | +33.0% | |
| Q1 2020 | +5.9% | +11.3% | +26.7% | |
| Q4 2019 | -7.0% | -4.9% | -28.1% | |
| Q3 2019 | -1.0% | +2.4% | +4.1% | |
| Q2 2019 | +3.3% | +0.3% | +11.3% | |
| Q1 2019 | +8.0% | +9.5% | +20.8% | |
| Q4 2018 | +14.1% | +13.2% | +6.4% | |
| Q3 2018 | -0.3% | +13.7% | +1.2% | |
| Q2 2018 | -15.1% | -15.9% | -4.5% | |
| Q1 2018 | -0.8% | +2.7% | +10.0% | |
| Q4 2017 | -13.6% | -12.4% | -3.3% | |
| Q3 2017 | -7.1% | -1.1% | -1.3% | |
| Q2 2017 | +15.0% | +18.2% | +10.7% | |
| Q1 2017 | -2.4% | -0.1% | +0.4% | |
| Q4 2016 | -6.4% | -6.6% | -11.6% | |
| Q3 2016 | +1.5% | +1.6% | +3.2% | |
| Q2 2016 | +14.6% | +10.5% | +13.8% | |
| Q1 2016 | -10.5% | — | — | |
| Q4 2015 | -4.0% | — | — | |
| Q3 2015 | -10.7% | — | — | |
| Q2 2015 | -0.9% | — | — | |
| Q1 2015 | -7.8% | — | — | |
| Q4 2014 | -10.9% | — | — | |
| Q3 2014 | +8.5% | — | — | |
| Q2 2014 | +1.2% | — | — | |
| Q1 2014 | -1.2% | — | — | |
| Q4 2013 | +1.9% | — | — | |
| Q3 2013 | -6.6% | — | — | |
| Q2 2013 | +13.1% | — | — | |
| Q1 2013 | -13.3% | — | — | |
| Q4 2012 | -4.9% | — | — | |
| Q3 2012 | +8.4% | — | — | |
| Q2 2012 | +1.6% | — | — | |
| Q1 2012 | +0.4% | — | — | |
| Q1 2011 | +5.0% | — | — | |
| Q3 2010 | -0.2% | — | — | |
| Q4 2011 | -0.2% | — | — | |
| Q1 2010 | -0.2% | — | — | |
| Q4 2009 | -0.2% | — | — | |
| Q2 2011 | -0.2% | — | — | |
| Q3 2011 | +11.9% | — | — | |
| Q4 2010 | -3.6% | — | — | |
| Q2 2010 | -3.6% | — | — |
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