Boston Beer (SAM) Stock Declines on Q4 Loss, Revenue Miss

About this update from Fomento Economico Mexicano Sab De Cv Units Cons. Of 5 Shsb

The Boston Beer Company, Inc. SAM reported dismal fourth-quarter 2023 results, wherein the top and bottom lines missed the Zacks Consensus Estimate. Additionally, the company reported a year-over-year decline in revenues, along with a widened loss per share. The decline mainly resulted from soft trends in the Truly brand, which caused lower shipments and depletions.The company also noted that the fourth-quarter 2023 results included 13 weeks, while fourth-quarter 2022 had 14 weeks. This impacted its top and bottom-line performances.The company’s loss per share of $1.49 in fourth-quarter 2023 was wider than the loss of 93 cents in the year-ago quarter. The bottom line missed the Zacks Consensus Estimate of earnings of 22 cents. The decline mainly resulted from soft top-line trends, accompanied by higher operating costs.The Boston Beer Company, Inc. Price, Consensus and EPS SurpriseThe Boston Beer Company, Inc. price-consensus-eps-surprise-chart | The Boston Beer Company, Inc. QuoteNet revenues declined 12% year over year to $393.7 million and missed the Zacks Consensus Estimate of $416 million. The dip in the company’s fourth-quarter revenues included an impact of 8.9 percentage points from the 14th week in 2022. Additionally, the company’s fourth-quarter revenues reflected a $5.1-million impact of international sales tax adjustment. Its shipments and depletions declined year over year in the quarter. Excluding excise taxes, the top line dropped 12.3% year over year to $417.4 million.On a 13-week comparable basis, net revenues declined 3.1% in the fourth quarter. Excluding the impacts of the international sales tax adjustments, net revenues fell 10.9% on a reported basis and 1.9% on a 13-week comparable basis.Backed by the soft results, shares of Boston Beer declined 11.6% in the after-hours trading session on Feb 27, 2024. The Zacks Rank #3 (Hold) stock has lost 6.4% in the past three months against the industry’s 1.8% growth. Quarter in DetailThe shipment volume declined 12.2% from the year-ago period to 1.5 million barrels in the fourth quarter of 2023, whereas depletions fell 9%. On a 13-week comparable basis, shipments and depletion dipped 3.5% and 1%, respectively. Decreased shipment and depletion resulted from declines in Truly Hard seltzer, partly negated by growth in the Twisted Tea, Samuel Adams Non-Alcoholic styles and Dogfish Head Canned cockta...

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