The 10-second takeaway
For the quarter ended June 29 (Q2), Boston Beer beat expectations on revenues and beat expectations on earnings per share.
Compared to the prior-year quarter, revenue grew significantly. GAAP earnings per share grew significantly.
Gross margins dropped, operating margins increased, net margins grew.
Boston Beer logged revenue of $181.3 million. The three analysts polled by S&P Capital IQ anticipated revenue of $175.4 million on the same basis. GAAP reported sales were 23% higher than the prior-year quarter's $147.5 million.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures are normalized by S&P Capital IQ and may vary to maintain comparability with normalized estimates.
EPS came in at $1.45. The five earnings estimates compiled by S&P Capital IQ predicted $1.34 per share. GAAP EPS of $1.45 for Q2 were 37% higher than the prior-year quarter's $1.06 per share.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures are normalized by S&P Capital IQ and may vary to maintain comparability with normalized estimates.
For the quarter, gross margin was 53.6%, 90 basis points worse than the prior-year quarter. Operating margin was 17.7%, 180 basis points better than the prior-year quarter. Net margin was 10.9%, 120 basis points better than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $185.9 million. On the bottom line, the average EPS estimate is $1.67.
Next year's average estimate for revenue is $671.2 million. The average EPS estimate is $4.98.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Boston Beer is underperform, with an average price target of $147.43.
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