Thu, Jul 25, 8:34 PM (44 days ago)
The Boston Beer Company, Inc. reported a net revenue decrease of 4% to $579.1 million for Q2 2024, driven by a 6.4% decline in shipment volume, partially offset by price increases. Cost of goods sold per barrel rose by 1.5% due to unfavorable internal brewery performance and inflationary impacts. Gross profit per barrel increased by 3.8% to $123.24. Operating expenses remained stable, with a slight decrease in advertising and selling expenses and an increase in general and administrative expenses due to inflation and salaries. Net income decreased by 9.8% to $52.3 million. The company repurchased 368,629 shares for $113 million. Cash flow from operations was $91.1 million, down from $101.1 million in the previous year, primarily due to changes in working capital. The company’s cash balance decreased to $219.3 million. The effective tax rate rose to 28.6%, primarily due to increased non-deductible compensation. The company expects current cash balances, future operating cash flow, and an unused credit line of $150 million to be sufficient for future needs.