The 10-second takeaway
For the quarter ended June 30 (Q2), Boston Beer missed estimates on revenues and whiffed on earnings per share.
Compared to the prior-year quarter, revenue improved and GAAP earnings per share dropped significantly.
Margins dropped across the board.
Boston Beer tallied revenue of $147.5 million. The five analysts polled by S&P Capital IQ foresaw sales of $151.5 million on the same basis. GAAP reported sales were 10% higher than the prior-year quarter's $134.0 million.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $1.06. The six earnings estimates compiled by S&P Capital IQ predicted $1.24 per share. GAAP EPS of $1.06 for Q2 were 47% lower than the prior-year quarter's $2.01 per share.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 54.5%, 230 basis points worse than the prior-year quarter. Operating margin was 15.9%, 230 basis points worse than the prior-year quarter. Net margin was 9.7%, 1,120 basis points worse than the prior-year quarter.
Next quarter's average estimate for revenue is $150.5 million. On the bottom line, the average EPS estimate is $1.30.
Next year's average estimate for revenue is $561.7 million. The average EPS estimate is $4.17.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Boston Beer is hold, with an average price target of $107.57.
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