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Stock impact report

Boston Beer Reports First Quarter 2020 Results

Boston Beer Company, Inc. (The) (SAM) 
Last boston beer company, inc. (the) earnings: 4/22 04:15 pm Check Earnings Report
US:NYSE Investor Relations: bostonbeer.com/overview
Company Research Source: PR Newswire
BOSTON, April 22, 2020 /PRNewswire/ -- The Boston Beer Company, Inc. (NYSE: SAM) reported first quarter 2020 net revenue of $330.6 million, an increase of $78.9 million or 31.4% from the same period last year, mainly due to an increase in shipments of 32.2%. Net income for the first quarter was $18.2 million, or $1.49 per diluted share, a decrease of $5.5 million or $0.53 per diluted share from the first quarter of 2019.  The decrease in net income reflects that the Company's higher net revenue was more than offset by increases in operating expenses and lower gross margins.  The Company began seeing the impact of the COVID-19 pandemic on its business in early March.  Prior to then, the Company was on track to maintain its financial guidance for full-year fiscal 2020.  Depletions through the 9-week period ended February 29, 2020 are estimated by the Company to have increased approximately 32% from the comparable period in 2019.  Excluding the Dogfish Head impact, depletions increased 2 Show less Read more
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