Boston Beer reports Q1 EPS $1.64, consensus $1.91

Reports Q1 revenue $433.9M, consensus $435.95M. Reports depletions decreased 4% and shipments decreased 6.9%. The company said, “We were encouraged by early signs of improvement in the total beer category in the first quarter. While our depletions improved and it remains early in the year, our portfolio has not yet fully matched the improvement in category trends. The operating environment is dynamic, and we are executing with focus against our summer plans, including meaningful advertising support. Our strong balance sheet and highly cash generative business position us to invest in our brands and return cash to shareholders, with the previously announced potential legal payment well within our capacity.”