Driven by the huge growth of Truly Hard Seltzer, the Boston Beer Company reported fourth quarter 2020 net revenue of $460.9 million, up 53% from the fourth quarter of 2019. Shipments during the same period were up 54% while depletions increased by 37%.
Net income for the fourth quarter was $32.8 million, an increase of $19.1 million from the fourth quarter of 2019.
“We remain positive about the future growth of our diversified brand portfolio and we believe that our depletions growth is attributable to our key innovations, the quality of our products and our strong brands. We see significant distribution and volume growth opportunities in 2021 for our Truly, Twisted Tea and Dogfish Head brands, which remain our top priorities for 2021,” Jim Koch, Chairman and founder of the company said in a statement.
Full report and 2020 financial details here.