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

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

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

What factors drove the changes in The Boston Beer's revenue and profit?

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

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

- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

SAM

SAM fundamentals

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