NYSE$SAM
Boston Beer Co Inc · Q4 2020 earnings
Q4 2020 earnings · · Investor relations
Briefing
Boston Beer reported an increase in revenue driven by shipment growth, offset by lower gross margins and higher operating expenses.
Boston Beer reported a strong fourth quarter with a 53.0% increase in net revenue to $460.9 million and a 135.7% increase in net income to $32.8 million, or $2.64 per diluted share. The growth was primarily driven by a 54.0% increase in shipments.
- Depletions increased 26% from the comparable period in the prior year.
- Shipments increased 54.0% from the comparable period in the prior year, leading to higher distributor inventory.
- Gross margin was 46.9%, a decrease from 47.4% in the comparable period in 2019, due to higher processing costs at third-party breweries.
- Advertising, promotional, and selling expenses increased by $48.1 million, or 51.6%, over the comparable period in 2019.
Headline financials
Revenue & EPS history
Boston Beer · Revenue · Quarterly
$461M
Forward guidance
The Company currently projects full year 2021 Non-GAAP earnings per diluted share of between $20.00 and $24.00 and depletions and shipments percentage increase between 35% and 45%.
Tailwinds
- Depletions and shipments percentage increase between 35% and 45%.
- National price increases of between 1% and 2%.
- Estimated capital spending of between $300 million and $400 million, which could be significantly higher, if deemed necessary to meet future growth.
- Truly and Twisted Tea brands are expected to continue driving growth.
- Operating expenses growth rate is expected to be below top line growth rate, delivering leverage to operating income.
Headwinds
- Gross margin of between 45% and 47%, a decrease from the previously communicated estimate of between 46% and 48%.
- Increased investments in advertising, promotional and selling expenses of between $120 million and $140 million.
- Non-GAAP effective tax rate of approximately 26.5%, excluding the impact of ASU 2016-09.
- Expectations will continue to be impacted negatively until the volume growth stabilizes.
- There is increased competitive activity in the hard seltzer category.
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 Q4 2020
+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% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro