On Aug. 8, Boston Beer
- Sales and earnings surpassed expectations on increases in volume and price.
- Utility, production, and packaging costs are eating into the company's gross margins, although not yet materially.
- Capital expenditures were down 61% compared to last year, but free cash flow still declined, primarily because of the large increase in accounts receivable -- something investors should keep an eye on.
(Figures in thousands, except per-share data)
Income Statement Highlights
|
Avg. Est. |
Q2 2006 |
Q2 2005 |
Change |
|
|---|---|---|---|---|
|
Sales |
$71,150 |
$79,333 |
$61,633 |
28.7% |
|
Net Profit |
-- |
$7,986 |
$5,143 |
55.3% |
|
EPS |
$0.38 |
$0.56 |
$0.35 |
60% |
|
Diluted Shares |
14,346 |
14,614 |
(1.8%) |
Get back to basics with a look at the income statement.
Margin Checkup
|
Q2 2006 |
Q2 2005 |
Change* |
|
|---|---|---|---|
|
Gross Margin |
59.32% |
59.92% |
(0.6) |
|
Operating Margin |
15.51% |
12.75% |
2.76 |
|
Net Margin |
10.07% |
8.34% |
1.73 |
Margins are the earnings engine. See how they work.
Balance Sheet Highlights
|
Assets |
Q2 2006 |
Q2 2005 |
Change |
|---|---|---|---|
|
Cash + ST Invest. |
$65,124 |
$64,691 |
0.7% |
|
Accounts Rec. |
$19,343 |
$12,455 |
55.3% |
|
Inventory |
$13,916 |
$12,146 |
14.6% |
|
Liabilities |
Q2 2006 |
Q2 2005 |
Change |
|---|---|---|---|
|
Accounts Payable |
$13,966 |
$9,533 |
46.5% |
|
Long-Term Debt |
$0 |
$0 |
N/A |
Learn the ways of the balance sheet.
Cash Flow Highlights
|
Q2 2006 |
Q2 2005 |
Change |
|
|---|---|---|---|
|
Cash From Ops. |
$9,221 |
$13,945 |
(33.9%) |
|
Capital Expenditures |
$2,725 |
$6,981 |
(61%) |
|
Free Cash Flow |
$6,496 |
$6,964 |
(6.7%) |
Find out why Fools always follow the money.
Related Companies:
-
Anheuser-Busch
(NYSE:BUD) -
Molson Coors Brewing
(NYSE:TAP) -
Mexican Economic Development
(NYSE:FMX) -
Redhook
Ale Brewery
(NASDAQ:HOOK) -
Pyramid Breweries
(NASDAQ:PMID)
Related Foolishness:
- Is Anheuser-Busch Turning the Corner?
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- The Little Beverage Company That Could
Fool by Numbers is designed to give you the raw earnings information in a timely fashion, putting all the numbers you need in one easy-to-read place. But at The Motley Fool, we believe numbers tell only part of the story, so check Fool.com for more of our in-depth discussion of what the numbers mean.
Anheuser-Busch is a Motley Fool Inside Value selection.
At the time of publication, Nathan Parmelee had no positions in any of the companies mentioned. Fool rules are here .
