Boston Beer backs FY23 EPS view $6.00-$10.00, consensus $7.08

The company is maintaining the full year volume and earnings guidance previously communicated in its April 25, 2023 Earnings Release and increasing its Advertising, Promotion and Selling Expense guidance. The company experienced lower than expected freight costs year to date, which in addition to gross margin performance allows it to further support its brands. The company’s actual 2023 results could vary significantly from the current projection and are highly sensitive to changes in volume projections particularly related to the hard seltzer category and supply chain performance as well as inflationary impacts. The 2023 fiscal year includes 52 weeks compared to the 2022 fiscal year which included 53 weeks.