The following is a summary of the The Boston Beer Company, Inc. (SAM) Q1 2024 Earnings Call Transcript:

Financial Performance:

• The Boston Beer Company reported flat depletions and a 3.9% increase in revenue in Q1 2024, driven by higher volume, pricing, and lower returns.

• Gross margin for Q1 was significantly up at 43.7%, a 570 basis points increase YoY.

• The company repurchased $65 million worth of stock in 2024.

• Q1 2024 EPS was $1.04 per diluted share, up from a net loss of $0.73 per diluted share in Q1 2023.

• The company ended the quarter with a cash balance of $205.4 million, and an unused credit line of $150 million is available.

• For 2024, The Boston Beer Company expects capital expenditures to range between $90 million to $110 million.

Business Progress:

• The company has experienced strong momentum within its Twisted Tea brand and reported steady progress on margin enhancement initiatives.

• The strategy for long-term growth includes investment in brands and continuous innovation, particularly in Beyond Beer.

• Twisted Tea saw a 21% increase in dollar sales in Q1 and the company is fostering their portfolio of core brands.

• The company plans to improve internal production to drive cost efficiencies, and has plans for multiple product rollouts.

• Planning for wider distribution of Hard Mountain Dew is in progress after distributor roles are transitioned.

• In 2024, the volume guidance for depletions and shipments is estimated to range from a low single-digit decrease to a low single-digit increase. Full-year gross margins are expected to be between 43% to 45%.

More details: Boston Beer IR

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