Boston Beer reports Q2 EPS $5.45 vs. $4.40 last year

Reports Q2 revenue $587.95M, consensus $588.65M. Depletions decreased 5% and shipments decreased 0.8%. “Our depletions declined by 5% in the second quarter as volumes were pressured across the beer industry due to economic uncertainty impacting consumer behavior and some impact from poor weather in some key selling weeks,” said chairman and founder Jim Koch. “While the external environment remains dynamic, we were able to grow share in the first half of this year. We have a diversified portfolio of iconic brands, strong innovation pipeline and the best sales force in beer. Despite a weaker volume environment, we have raised our gross margin guidance as we continue to see positive impacts from our multi-year margin enhancement initiatives. Our strong balance sheet allows us to invest in our brands to be well positioned for when the industry environment improves while also returning $111 million in cash to shareholders year to date.”