Boston Beer (NYSE:SAM) trades higher after topping even the highest Q2 EPS estimate turned in by analysts with a $4.88 mark.
Depletions were up 46% during the quarter and shipments rose 39.8% for the 13 weeks. "Our depletions growth in the second quarter was a result of increases in our Truly Hard Seltzer and Twisted Tea brands and the addition of the Dogfish Head brands that were only partially offset by decreases in our Samuel Adams and Angry Orchard brands," notes CEO Dave Burwick. He also points to the growth of the Truly brand, which continues to grow beyond expectations
Boston Beer expects full-year depletions and shipments growth of 27% to 35%. The company's full-year gross margin target is now between 46% and 48%.
