The earnings call presented a balanced view with positive aspects such as improved gross margins, a strong cash position, and market leadership in the hard tea category. However, there were notable challenges, including the decline in Truly Hard Seltzer, a significant brand impairment charge, and inventory management issues.

Company Guidance

During the third quarter 2024 earnings call for Boston Beer Company (symbol: SAM), the company provided updated guidance reflecting its performance and future expectations. The company narrowed its volume guidance for the full year, projecting a low single-digit decrease in depletions and shipments. Price increases are expected to be approximately 2%, and the gross margin range was adjusted to 44%-45%, improved from prior guidance due to productivity gains. Notably, the company reported a significant noncash impairment charge of $42.6 million related to the Dogfish Head brand. Year-to-date, Boston Beer generated over $200 million in operating cash flow, with a cash balance of $256 million and no debt. The company repurchased $191 million in shares and expanded its share repurchase authorization by $400 million. For the full year, capital expenditures are projected to be between $80 million and $95 million, a reduction from earlier estimates. The call highlighted the company's strategic focus on core brands, innovation, and operational improvements to position for growth in 2025.

Gross Margin Improvement

Gross margin increased 60 basis points year-over-year to 46.3%, benefiting from price increases, procurement savings, and lower returns.

Strong Cash Position

Generated over $200 million in operating cash flow with a cash balance of $256 million and no debt at the end of Q3 2024.

Twisted Tea Market Leadership

Twisted Tea held an 85% market share in the hard tea category, which saw an 18% volume increase and 20% dollar increase year-to-date.

Share Repurchase Initiative

Repurchased $191 million in shares year-to-date and expanded share repurchase authorization by $400 million.

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Boston Beer (SAM) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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SAM Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 26, 2018	2018 (Q2)	- / 1.98	2.35	-15.74% (-0.37)	―	―
Oct 25, 2018	2018 (Q3)	- / 3.21	2.78	15.47% (+0.43)	―	―
Feb 20, 2019	2018 (Q4)	- / 1.86	0.85	118.82% (+1.01)	―	―
Apr 24, 2019	2019 (Q1)	- / 2.02	0.78	158.97% (+1.24)	―	―
Jul 25, 2019	2019 (Q2)	- / 2.36	1.98	19.19% (+0.38)	―	―
Oct 29, 2019	2019 (Q3)	- / 3.65	3.21	13.71% (+0.44)	―	―
Feb 19, 2020	2019 (Q4)	- / 1.12	1.86	-39.78% (-0.74)	―	―
Apr 22, 2020	2020 (Q1)	- / 1.49	2.02	-26.24% (-0.53)	―	―
Jul 23, 2020	2020 (Q2)	- / 4.88	2.36	106.78% (+2.52)	―	―
Oct 22, 2020	2020 (Q3)	- / 6.51	3.65	78.36% (+2.86)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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SAM Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 24, 2024	$301.88	$295.96	-1.96%
Jul 25, 2024	$270.52	$290.91	+7.54%
Apr 25, 2024	$287.27	$283.20	-1.42%
Feb 27, 2024	$370.06	$311.74	-15.76%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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