Did The Boston Beer beat or miss consensus estimates last quarter?

What is the revenue and EPS growth rate for The Boston Beer year over year?

What is The Boston Beer's latest dividend and current dividend yield?

What is the market's earnings forecast for The Boston Beer next quarter?

What does The Boston Beer do and what are its main business segments?

What were the key takeaways from The Boston Beer’s earnings call?

What is The Boston Beer's gross profit margin?

What guidance did The Boston Beer's management provide for the next earnings period?

- **Beyond Beer Dominance**: 85% of volume growth, outperforming legacy categories. Sun Cruiser gains tripled distribution and weekly volume, positioning as next iconic brand.
- **Gross Margin Expansion**: Raised to 46-47.3% FY25, offsetting 70-100bps tariff headwind. Q2 gross margin 49.8%, up 380bps YoY.
- **EPS Growth**: 24% Q2 increase to $5.45, FY25 guidance $6.72-$9.54. Tariffs impact EPS by $0.96-$1.28.
- **Cautious Outlook**: H2 shipments expected to decline mid-teens, reflecting industry softness and macro challenges.
- **Innovation Focus**: $111M in brand investments for Sun Cruiser, Truly, and core portfolio. Angry Orchard and Dogfish Head show growth momentum.

**【Management Opening Remarks (Jim Koch)】**
- **Challenging Macro Environment**: Industry depletions down 4% YTD, company down 3% despite gaining share. Key drivers include economic uncertainty and Hispanic consumer pressure.
- **Beyond Beer Growth**: Represents 85% of volume, outperforming legacy categories. Sun Cruiser, a premium RTD spirits innovation, is a top performer with tripled distribution and weekly volume gains.
- **Gross Margin Expansion**: Raised guidance to 46-47.3% for FY25, absorbing tariff costs. Operating cash flow of $125M in H1 supports brand investments and $111M in shareholder returns.

**【CEO Commentary (Michael Spillane)】**
- **Q2 Performance**: 24% EPS growth to $5.45, driven by gross margin expansion and productivity initiatives. Twisted Tea holds share but faces headwinds, while Truly struggles despite high ABV innovations.
- **Innovation Focus**: Sun Cruiser and Dogfish Head (Grateful Dead collaboration) driving growth. Angry Orchard returns to growth with new campaigns.
- **Volume Outlook**: H2 shipments expected to decline mid-teens as they rebalance with depletions, reflecting cautious industry trends.

**【CFO Commentary (Diego Reynoso)】**
- **Financial Highlights**: Q2 revenue +1.5% YoY, gross margin 49.8% (up 380bps YoY). Tariffs estimated at $15-20M FY25, partially offset by brewery efficiency, procurement savings, and waste reduction.
- **EPS Guidance**: Full year $6.72-$9.54, reflecting tariff impact. Q3 shipments expected to decline mid-teens due to seasonality and macro challenges.
- **Capital Allocation**: Reduced capex to $70-90M, focusing on productivity. Share buyback program with $317M remaining under $1.6B authorization.

**【Q&A Highlights】**
- **Summer Softness**: July data continues soft, driven by weather and consumer caution. Management cautious on Twisted Tea but optimistic on Sun Cruiser's long-term potential.
- **Tariff Mitigation**: Net of supplier actions, but still a headwind. Gross margin guidance reflects ongoing productivity gains.
- **Brand Investment**: Continued support for Sun Cruiser, Truly, and core brands despite macro challenges.

The Boston Beer Company, Inc. (SAM) Q2 2025 Earnings Call Transcript

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