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BOSTON BEER REPORTS
THIRD QUARTER 2018 RESULTS
BOSTON, MA (10/25/18) The Boston Beer Company, Inc. (NYSE: SAM) reported third quarter 2018 net revenue of $306.9 million, an increase of $59.8 million or 24.2% from the third quarter of 2017, mainly due to an increase in shipments of 23.5%. Net income for the third quarter was $38.0 million, or $3.21 per diluted share, an increase of $4.3 million or $0.43 per diluted share from the third quarter of 2017. This increase was primarily due to increases in net revenue and lower income taxes that were partially offset by increased advertising, promotional and selling expenses and lower gross margins. The lower income taxes related to the Tax Cuts and Jobs Act of 2017 include a favorable one-time impact of $0.38 per diluted share.
Earnings per diluted share for the 39-week period ended September 29, 2018 were $5.96, an increase of $0.42 from the comparable 39-week period in 2017. Net revenue for the 39-week period ended September 29, 2018 was $770.4 million, an increase of $113.8 million, or 17.3%, from the comparable39-week period in 2017.
In the third quarter and the 39-week period ended September 29, 2018, the Company recorded a tax benefit of $0.01 per diluted share and $0.34 per diluted share, respectively, resulting from the Accounting Standard Employee Share-Based Payment Accounting (ASU 2016-09), which was effective for the Company on January 1, 2017.
Highlights of this release include:
Depletions increased 18% and 13% from the comparable 13 and 39-week periods in 2017.
Full year 2018 depletions growth is now estimated to be between 12% and 15%, an increase from the previously communicated estimate of between 7% and 12%.
Gross margin was 51.2% for the third quarter, a decrease from 53.2% in the comparable 13-week period in 2017, and 51.3% for the 39-week period ending September 29, 2018, a decrease from 52.1% in the comparable 39-week period in 2017. The Companys full year gross margin target is now between 50% and 52%, a decrease of the range from the previously communicated estimate of between 51% and 53%
Advertising, promotional and selling expense increased by $24.1 million, or 37.9%, in the third quarter over the comparable period in 2017 and increased $56.6 million, or 30.5%, from the comparable 39-week period in 2017.
The following information was filed by Boston Beer Co Inc (SAM) on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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