Boston Beer Co. reports fourth quarter revenue soared 53% from a year earlier to $460.9 million, thanks to a 54% increase in shipments. Net profit in the period more than doubled to $32.8 million, or $2.64 a share, a 135.7% gain.
Net revenue for the 52 weeks ended Dec. 26, 2020 was $1.74 billion, an increase of $486.6 million, or 38.9%, from the comparable 52-week period in 2019.
Depletions increased 26% and 37% from the 13- and 52-week comparable periods in the prior year.
Full-year 2021 depletions and shipment growth continues to be estimated at between 35% and 45%.
Based on current spending and investment plans, full-year 2021 Non-GAAP earnings per diluted share, which excludes the impact of ASU 2016-09, are now estimated at between $20.00 and $24.00.
Jim Koch, chairman/founder said the launch of Truly Iced Tea Hard Seltzer, which combines refreshing hard seltzer with real brewed tea and fruit flavor, “has been well received by distributors, retailers and drinkers, but it is too early to tell if it will be successful.
“We are working hard to further develop our brand support and messaging for our Samuel Adams and Angry Orchard brands to position them for long-term sustainable growth, in the face of the difficult on-premise environment. We are excited about the response to the introduction in early 2021 of several new beers, Samuel Adams Wicked Hazy, Samuel Adams Wicked Easy and Samuel Adams Just the Haze, our first non-alcoholic beer, as well as the positive reaction to our Samuel Adams ‘Your Cousin from Boston‘ advertising campaign, Koch said, adding:
We are confident in our ability to innovate and build strong brands that complement our current portfolio and help support our mission of long-term profitable growth.”
Dave Burwick, president/CEO, stated, “Our depletions growth in the fourth quarter was the result of increases in our Truly Hard Seltzer and Twisted Tea brands, partly offset by decreases in our Samuel Adams, Angry Orchard and Dogfish Head brands.
“The growth of the Truly brand, led by Truly Lemonade Hard Seltzer, continues to be very strong and well ahead of hard seltzer category growth. Truly Lemonade was the most incremental new product in the entire beer industry in measured off-premise channels in 2020. The Truly brand overall generated triple-digit volume growth in 2020 and grew its velocity and its market share sequentially despite other national, regional and local hard seltzer brands entering the category,” Burwick said.