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» Beverage Industry News » Quarterly Financial Reports

Quarterly Financial Reports

Latest financial news from publicly traded brewing companies

Molson Coors Reports US Shipments Down 11% in Fourth Quarter 2022

posted Feb 22nd, 2023 by Tom McCormick

Molson Coors reported that shipments in the US were down by 11% and depletions were down by 6.8% in their 4th quarter 2022 earnings report. Full-year financial volumes declined 2.1%, essentially in-line with brand volumes, which were down 2%.

Read more…

Boston Beer Reports 3.8% Decrease in 2022 Shipments

posted Feb 17th, 2023 by Tom McCormick

Boston Beer Company reported financial results for the fiscal fourth quarter 2022 and full fiscal year 2022 ended December 31, 2022. Shipments decreased 4.6% on a 52-week comparable basis and net revenue was $2.090 billion, up 1.6%.

Read more…

Boston Beer Shipments Increased 1.4% in Third Quarter – Up 8.0% for Year-to-Date

posted Oct 26th, 2022 by Tom McCormick

Boston Beer announced financial results for the third quarter 2022 (13 weeks ending September 24). Depletions for the company decreased 6% and shipments increased 1.4% (to 33,000 bbls) compared to the third quarter of 2021.

Read more…

Ball to Close Can Plants in St. Paul and Phoenix – Delay Opening of Nevada Plant

posted Aug 5th, 2022 by Tom McCormick

Ball Corp. announced yesterday that it will close its St Paul, Minnesota and Phoenix, Arizona can manufacturing plants and delay the construction of a new facility in Nevada.

In a press release detailing second quarter 2022 financial results, the company said the closures were in “response to the deceleration in customer demand late in the second quarter.”

Shares of Ball Corp. plunged after the company posted a loss for its latest quarter and announced the closure of the two plants.

Read more...

Boston Beer Announces Tough Second Quarter as Hard Seltzer Declines

posted Jul 22nd, 2022 by Tom McCormick

Boston Beer has again cut its earnings forecast as demand for its once hot hard seltzer Truly continued to decline along with the category as a whole. Hard seltzer dollar sales declined by 13% in the second quarter of 2022 (in measured off-premise channels).

Boston Beer’s shares on Wall Street have now fallen by more than 70% since the seltzer fad peaked in 2020.

Boston Beer won’t be letting up on their non-beer portfolio anytime soon, which has helped drive company growth over the last decade. “In the second half, we will focus our efforts on Twisted Tea, Truly and Hard Mountain Dew which we believe have the most potential to positively impact our business,” Jim Koch, founder and chairman of Boston Beer said on an earnings call. “Our multi-brand strategy plus our long history of innovation have supported our growth over the long-term, and we will work hard to capitalize on these strengths going forward.”

Read more...

AB InBev Projects Strong Growth in 2022 Despite Inflation Fears

posted Feb 25th, 2022 by Tom McCormick

AB InBev said its earnings before interest, tax, depreciation and amortization (EBITDA) would rise by between 4% and 8% this year, with revenue expanding by a higher percentage, according to an article in The Drinks Business.

For 2021, EBITDA was reportedly up 11.8%, close to the company’s previous outlook of 10-12%.

Unlike some other global brewers, which have warned that spiraling price hikes could cut into beer consumption, AB InBev’s outlook did not mention global inflation or increased input costs. What is unknow for craft brewers is whether or not rising costs will diminish craft beer sales in the US, as large brewers such as AB InBev may be able to hold pricing lower on their high-end craft brands.

Read more...

Boston Beer Reports Fourth Quarter and Full Year Financial Results

posted Feb 16th, 2022 by Tom McCormick

The Boston Beer Company today reported that fourth quarter depletions increased 15% and fourth quarter shipments decreased 24.5% compared to the quarter ended December 26, 2020. Fourth quarter net revenue of $348.1 million decreased 24.5% compared to the net revenue realized in the fourth quarter of 2020.

Full-year shipments increased 15.4% and full-year net revenue of $2.058 billion increased 18.5% compared to 2020.

According to the company press release, the fourth quarter net loss was primarily driven by the previously disclosed shipment decrease that resulted from a more aggressive wholesaler inventory reduction than expected, primarily affecting Truly Hard Seltzer.

Read more...

Boston Beer Up in Q3 Despite Seltzer Downturn

posted Oct 25th, 2021 by Tom McCormick

The Boston Beer Company reported financial results for the third quarter and year-to-date fiscal periods ended September 25, 2021. Third quarter depletions increased 11% and third quarter shipments increased 11.2% compared to the prior year. Third quarter net revenue of $561.6 million increased 14% compared to the prior year

Year-to-date shipments increased 29.7% compared to the prior year with year-to-date net revenue of $1.710 billion, up 34% compared to the prior year.

The sudden downturn in hard seltzer impacted Boston’s growth this year with their seltzer brand Truly a key ingredient in the company’s portfolio.  “The unexpected rapid slowdown of hard seltzer category growth this summer significantly impacted our business,” said Dave Burwick, President and CEO. “While Truly has continued to grow, gain share and solidify its long-term position, the slower category performance has reduced our full-year growth expectations for Truly to be between 20-25% year-over-year. In addition, the capacity and inventory we had built to take advantage of a higher-growth environment resulted in significant temporary costs this quarter.”

Read more...

Constellation’s Second Quarter Earnings Miss Mark but Beer Brands Do Well

posted Oct 6th, 2021 by Tom McCormick

Constellation Brands said adjusted earnings for the three months ended in August, the group’s fiscal second quarter, were pegged at $2.38 per share, down 13.8% from the same period last year and well shy of the Street consensus forecast of $2.77 per share. Group revenues, Constellation said, fell 5% to $2.371 billion, a figure that topped analysts’ estimates of a $2.302 billion tally.

President and CEO William Newlands pointed to the company’s beer portfolio as a bright spot  saying, “our core imported beer brands provides a point of competitive strength versus industry peers as we are the leading share gainer in the high end of the U.S. beer market. The majority of our growth continues to be driven by Modelo Especial supported by strong consumer demand for Corona Extra and Pacifico and we expect this to continue for the foreseeable future.”

The company has high expectations headed into next year. “We now expect to achieve 9% to 11% net sales growth and 4% to 6% operating income growth for fiscal 2022,” said Newlands.

Read more...

Heineken N.V. reports 2021 Mid-Year Earnings Results

posted Aug 3rd, 2021 by Tom McCormick

Heineken N.V. announced that beer volume grew by 9.6%, led by strong growth in Heineken of 19.6% with over 50 markets in double-digit growth. Net revenue was up by 14.1%.

Dolf van den Brink, CEO and Chairman of the Executive Board also offered some caution headed into the second half of the year given the current uptick in the pandemic. “Now, as strong as these results are, there’s a reason for caution too. COVID remains a factor and we see a rise in commodity costs. Overall, we expect full year financial results to remain below 2019,” he said.

More details here and a transcript of the earnings conference call here.

Read more...

ABInBev Up 31% Globally in Second Quarter – Slower Growth in US

posted Jul 29th, 2021 by Tom McCormick

Anheuser-Busch InBev announced today that they missed second quarter projections as costs increased above expectations. Second quarter core profit (EBITDA) was up 31% versus company projections of 35%. Shares fell by about 6% by end of trading today.

Beer volumes grew by 20.5%, while non-beer volumes grew by 23.2% In the U.S., top-line growth was 6.8%.

The pandemic has led to a surge in demand for cans, pushing up their price. “We had to import a lot of cans from several different markets, cans from Mexico, cans from China, cans from Europe and India in order to serve the high demand,” chief executive Michel Doukeris told Reuters in a telephone interview, referring to the U.S. market.

Read more...

Boston Beer Depletions Up 24% in Second Quarter – Net Earnings Down as Truly Misses Expectations

posted Jul 22nd, 2021 by Tom McCormick

The Boston Beer Company reported second quarter 2021 net revenue of $602.8 million, an increase of $150.7 million or 33.3%, from the same period last year. Net income for the second quarter was $59.2 million, a decrease of $0.9 million or 1.6% from the same period last year.

Depletions increased 24% and 33% from the 13-and 26-week comparable periods in the prior year.

Boston Beer stock plunged today more than 15% after the company reduced the annual forecast they had released three months ago, which lead to a sharp rise in stock price at the time. Despite impressive depletions and strong net revenue, sales of Truly hard seltzer were lower than expected as numerous pressure points impacted the category during the first half of the year.

Read more...

Boston Beer Has Another Big Quarter – Volume Up 60%

posted Apr 23rd, 2021 by Tom McCormick

The Boston Beer Company continues to reap the success of being one of the first to dive deep into the hard seltzer category with their hugely successful Truly brand. The company reported first quarter 2021 net revenue of $545.1 million, an increase of $214.5 million or 64.9% from the same period last year, mainly due to an increase in shipments of 60.1%. Net income for the first quarter was $65.6 million, an increase of $47.3 million or 259.6% from the same period last year.

Depletions increased by 48% from the 13-week comparable period in the prior year. Shipment volume was approximately 2.3 million barrels, a 60.1% increase from the comparable 13-week period in the prior year.

Full report and details here.

Read more...

ABInBev Volume Down 5.7% in 2020

posted Feb 25th, 2021 by Tom McCormick

ABInBev reported a decline in global volume of 5.7% in 2020 with a drop in revenue of 3.7% for the year.

“In an extremely challenging year, our teams rose to the occasion. We finished the year with momentum in our key markets by leveraging our fundamental strengths as a company and capturing the benefits of investments we have been making for several years in our portfolio and rapidly growing platforms, such as BEES and Ze Delivery. We are now more closely connected than ever to the 6 million+ customers and 2 billion+ consumers we serve worldwide through our clear commercial strategy, revamped innovation process, digital platforms and ongoing operational excellence,” said Carlos Brito, CEO in a company statement.

2020 full year financial report are available on the ABInBev website here.

Read more...

CANarchy Collective Up 2% in 2020

posted Feb 19th, 2021 by Tom McCormick

CANarchy Craft Brewery Collective continued to grow in 2020 reporting an increase of 2% in sales to wholesale from 480,000 barrels in 2019 to 490,000.

CANarchy is a collective of breweries across the country which include Oskar Blues Brewery, Cigar City Brewing, Squatters Craft Beers, Wasatch Brewery, Deep Ellum Brewing Company, Perrin Brewing Company, Three Weavers Brewing Company and Revitalyte.

“Despite encountering many unforeseen challenges and obstacles during a difficult year, the collective’s successes were driven by fresh innovation, strength in the seltzer space as a craft segment leader, variety pack victories and a robust digital strategy,” a company statement said.

Read more...

Boston Beer Reports Banner Year – Shipments up 54%

posted Feb 17th, 2021 by Tom McCormick

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.

Read more...

Three Global Brewers Fare Better Than Expected in 3Q Earnings Reports

posted Nov 2nd, 2020 by Tom McCormick

It wasn’t pretty, but it was better than expected for three global brewers who posted third quarter earnings last week.

AB InBev reported 4% revenue growth in the third quarter, far better than the 4.2% drop predicted by analysts while Heineken’s organic volume sales fell 1.8% in the third quarter. Carlsberg was hit the hardest by the global pandemic with overall revenues down 6.8% over the previous year.

Details here at The Drinks Business

Read more...

Molson Coors Third Quarter Sales Down by 3%

posted Oct 30th, 2020 by Tom McCormick

Molson Coors Beverage Co. reported a decrease of 3.1% in the third quarter of fiscal 2020, driven by the continued on-premise restrictions from the Covid-19 pandemic.

Net sales for the third quarter of $2.75 billion, compared with $2.84 billion in the third quarter of fiscal 2019. The company reported net income of $350.8 million.

The two top brands for the brewer, Coors Light and Miller Lite grew 6% and 9.5% respectively in off-premise U.S. sales.

Read more...

Boston Beer Reports Strong Qtr.3 with Shipments Up 30%

posted Oct 23rd, 2020 by Tom McCormick

The Boston Beer Company reported third quarter 2020 net revenue of $492.8 million, an increase of $114.3 million or 30.2%, from the same period last year.  Net income for the third quarter was $80.8 million, an increase of $36.0 million or 80.6% from the same period last year.

Shipments increased 30.5% and 34.1% from the 13- and 39-week comparable periods in the prior year

According to a company press release, the company began seeing the impact of the COVID-19 pandemic on its business in early March.  The direct financial impact of the pandemic has primarily shown in significantly reduced keg demand from the on-premise channel and higher labor and safety-related costs at the company’s breweries. But overall, like most distributing breweries with good chain store penetration, Boston Beer has had a very strong year. Full-year 2020 shipments and depletions growth is now estimated to be between 37% and 42%.

Read more...

ABInBev and Molson Coors Show Big Drop in 2nd Quarter Financial Reports

posted Jul 31st, 2020 by Tom McCormick

In a peek at how the global pandemic is impacting the worldwide beer market, Anheuser-Busch InBev disclosed their second quarter earnings yesterday. Global revenue declined by 17.7% in the second quarter compared to the same period last year with a decline of 12.0% year-to-date. Beer volume was down 17.0%. The worlds largest brewer showed signs of recovery, with April volumes down by 32.4%, May down by 21.4% and June down by 0.7%. Click here for a transcript of the investor call.

Molson Coors also showed signs of the stress from COVID-19 crisis, reporting second quarter worldwide sales down 12% compared to a 2% decline in the prior quarter. Details here.

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