Boston Beer Company Inc. (NASDAQ: SAM) stock gains by 1.89% at last close whereas the SAM stock price plunged by 18.64% in the after-hours trading session. The Boston Beer Company began producing Samuel Adams beer in 1984, and the Samuel Adams brand is now one of the finest well-known and recognized craft beer brands in the world.
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Second Quarter 2021 Financial Results
Boston Beer Company has recently released its second-quarter 2021 financial results and future outlook. Given below is the summary:
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- Depletions climbed by 24% and 33% over the previous year’s 13- and 26-week comparable periods.
- Shipments grew by 27.4 percent and 41.3 percent, respectively, over the previous year’s 13- and 26-week comparable periods.
- Depletion and shipping increase for the entire year is now expected to be between 25% and 40%, down from the previously announced forecast of between 40% and 50%.
- The second-quarter gross margin was 45.7 percent, down from 46.4 percent in the similar 13-week period in 2020, and 45.8 percent for the 26-week period ending June 26, 2021, up from 45.7 percent in the corresponding 26-week period in 2020. The full-year gross margin objective for SAM remains between 45 and 47 percent.
- In the second quarter, advertising, promotional, and selling expenses grew by $61.3 million, or 61.1 percent, over the same time in 2020, and by $104.3 million, or 52.6 percent, over the same 26-week period in 2020.
- Full-year 2021 Non-GAAP earnings per diluted share1, excluding the impact of ASU 2016-09, are now expected to be between $18.00 and $22.00, down from the previously disclosed estimate of between $22.00 and $26.00.
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Moreover,
SAM’s major priority remains on properly managing its breweries and company while also working hard to satisfy consumers’ needs as the COVID-19 epidemic fades. SAM is extremely pleased of its colleagues’ dedication, inventiveness, and devotion to the community throughout the pandemic. In early March 2020, SAM began to see the effects of the COVID-19 pandemic on its operations. The pandemic had a direct financial impact on the Business’s brewers, with considerably lower keg demand through the On-Premise channel and increased labor and safety-related expenses.
However, Earnings per diluted share for the full year 2021 are expected to range between $18.00 to $22.00, according to SAM. The impact of ASU 2016-09 is not included in this forecast. The actual profits per share in 2021 may differ substantially from the present forecast.