The Boston Beer Company reports developments across a U.S. alcoholic-beverage portfolio that includes Samuel Adams, Twisted Tea, Truly, Dogfish Head, Sun Cruiser and Angry Orchard. News commonly covers craft beer, hard iced tea, hard seltzer, hard cider, ready-to-drink cocktails and flavored malt beverages, including seasonal releases, variety packs, collaborations and packaging innovations.
Company updates also include quarterly financial results, depletions and shipment trends, gross margin drivers, brand investment, share repurchase activity and litigation-related financial effects. Boston Beer produces beverages through a mix of company-owned capacity and contract brewing arrangements and sells through the distributor system that serves retailers and on-premise accounts.
The Boston Beer Company (NYSE: SAM) appointed Michael M. Lynton and Samuel A. Calagione, III to its Board of Directors on October 7, 2020. Lynton, with extensive experience in entertainment and media, is currently Chairman of Snap Inc. and has held various influential roles at Sony and Time Warner. Calagione, founder of Dogfish Head Brewery, brings innovation and experience to the board. Both will serve as Class B Directors, positioning Boston Beer for continued growth and leadership in the craft beer market amid competitive pressures.
The Boston Beer Company (NYSE: SAM) reported a net revenue of $452.1 million for Q2 2020, marking a 42% increase year-over-year. Net income rose to $60.1 million, up 116% from last year, leading to earnings per diluted share of $4.88. Despite this growth, the company faced challenges due to COVID-19, resulting in $14.1 million in pre-tax reductions and increased costs. Gross margin decreased to 46.4% from 49.9% in Q2 2019. Full-year guidance suggests a 27% to 35% growth in shipments and depletions.