Given the state of the industry, Boston Beer has kicked off 2024 with some pretty good numbers, reporting that shipments increased by 0.9% in the first quarter of 2024 versus the same period last year. According to the company, the nearly one percent growth was due primarily to growth in Twisted Tea, offset by declines in Truly Hard Seltzer and the other Boston Beer brands.
Net revenue for the first quarter was $426.1 million for an increase of 3.9%. Total shipment volume for the quarter was approximately 1.6 million barrels.
“We were pleased to see flat depletion trends in the first quarter and to deliver revenue growth,” said Chairman and Founder Jim Koch. “We remain committed to investing across our portfolio of brands to drive long-term revenue growth while also expanding our margins. Our highly cash generative business and strong balance sheet has enabled us to repurchase $65 million in shares year-to-date and will fuel our 2024 investments.”
Shipments were higher than depletions as distributors built inventories to support the Company’s peak selling season and the implementation of the Company’s new automated customer ordering and inventory management system. The Company believes distributor inventory as of March 30, 2024 was at an appropriate level for each of its brands and averaged approximately four and a half weeks on hand compared to four weeks on hand at the end of the fourth quarter of 2023 and four and a half weeks at the end of the first quarter of 2023.
See the full financial statement here.