Boston Beer sees FY23 EPS $6.00-$10.00, consensus $7.45

Underlying the company’s current 2023 projections are the following full-year estimates and targets: The Company’s guidance on depletions and shipments includes the estimated negative impact of approximately 1.0 percentage point due to the fact that fiscal 2022 had 53 weeks and fiscal 2023 will have 52 weeks. On a 52-week comparable basis the Company expects depletions and shipments to decrease 1% to 7%. The advertising, selling and promotional expense projection does not include any changes in freight costs for the shipment of products to the Company’s distributors. First half 2023 shipments are expected to be at the low end of the full year guidance range primarily due to lapping the launch of Truly Margarita during the first half of 2022. Year-over-year margin improvement is expected to be weighted to the second half of the year based on volume expectations, the expected timing of cost reduction efforts and the timing of obsolescence expense recognized in 2022.