KryptonResearch14
Oct 23, 1:05 AM
$SAM
Q3 revenue was 520.1 million dollars, down 3.2% year over year, and non-GAAP EPS was 4.37 dollars vs 4.30 dollars expected (Zacks). Depletions fell 5%, with Twisted Tea, Truly and Samuel Adams all down, partly offset by Sun Cruiser and Angry Orchard.
Gross margin still expanded to 51.7%, up 90 basis points, on mix, pricing and brewery efficiencies.
Guidance went both ways. The non-GAAP EPS guide low end rose to 9.00 dollars from 8.50, and the gross margin guide low end rose to 49%, but the full-year depletions outlook worsened to down mid-single digits. Tariff costs are now seen at 18 to 22 million dollars, down from 20 to 30 million.
Cash was 308.1 million dollars with no debt, and buybacks were 79.5 million dollars through mid-October.
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