SAM - Boston Beer GAAP EPS of $4.75 beats by $0.29 revenue of $616.2M beats by $12.73M lowers guidance

July, 21 2022 04:16 PM Boston Beer Company Inc.

Boston Beer press release ( NYSE: SAM ): Q2 GAAP EPS of $4.75 beats by $0.29 .
Revenue of $616.2M (+2.2% Y/Y) beats by $12.73M .
Shares -2.5% .
Depletions decreased 7% and shipments declined 1.1% compared to the quarter ended June 26, 2021.
Gross margin of 43.1% was 2.6 percentage points below the 2021 second quarter gross margin of 45.7%.
FY22 Guidance: The Company currently projects full-year 2022 Non-GAAP earnings per diluted share of between $6.00 and $11.00 a change from the previous estimate of between $11.00 and $16.00 vs. 11.98 consensus.
Depletions and shipments decrease of between 2% and 8% a change from the previous estimate of an increase of between 4% and 10%.
National price increases of between 3% and 5%.
Gross margin of between 43% and 45% a change from the previous estimate of between 45% and 48%
Decreased investments in advertising, promotional and selling expenses of between $30 and $50 million, a change from our previous estimate of a decrease of between zero and $20 million
Non-GAAP effective tax rate of between 26% and 27%, excluding the impact of ASU 2016-09, a change from the previous estimate of approximately 26%.
Estimated capital spending of between $110 million and $140 million a change from the previous estimate of between $140 million and $190 million.

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