Boston Beer reports Q4 GAA EPS (93c), consensus 70c

Reports Q4 revenue $447.52M, consensus $393.71M. "We were pleased to deliver shipments slightly ahead of our guidance, and are also encouraged by the improvement in our depletions trends as the fourth quarter unfolded." said Chairman and Founder Jim Koch. "We continue to believe building a diversified Beyond Beer portfolio is the right strategy to deliver long-term balanced growth and value creation. Although near-term trends remain challenging because of the hard seltzer category’s trajectory, we have strong brands across multiple segments, the top salesforce in beer and a highly cash generative business with a strong balance sheet." "Revenue growth was strong in the Q4; however, margins came in below our expectations largely due to our production mix and supply chain inefficiencies," said President and CEO Dave Burwick. "Twisted Tea continues to experience industry-leading double-digit growth, while hard seltzer remains in decline. We have new initiatives in place to improve Truly share trends and adapt our cost structure to the current volume environment, which we believe will lead to long-term success."