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Boston Beer Co. (NYSE:SAM) reported its Q3 results, with EPS of $3.82 coming in better than the consensus estimate of $3.28. Revenue grew 6.2% year-over-year to $596.5 million, compared to the consensus estimate of $569.18 million.
Depletions decreased 6% year-over-year, reflecting decreases in the company’s Truly Hard Seltzer, Angry Orchard, Samuel Adams, and Dogfish Head brands, partially offset by increases in its Twisted Tea and Hard Mountain Dew brands.
Shipments increased 1.4% year-over-year, reflecting increases in the company’s Twisted Tea, Hard Mountain Dew and Samuel Adams brands partially offset by decreases in its Truly Hard Seltzer, Angry Orchard and Dogfish Head brands.
“I continue to be optimistic about the long-term growth outlook for Boston Beer’s diversified beverage portfolio. Based on our year-to-date performance and our view on the remainder of the year, we have narrowed the range of our fiscal 2022 financial guidance,” said Chairman and Founder Jim Koch.
The company expects fiscal 2022 EPS to be in the range of $7.00-$10 (vs. previous guidance of $6.00-$11.00), compared to the consensus estimate of $8.33.
