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CASTLE MALTING NEWS in partnership with www.e-malt.com Greek
26 February, 2025



Brewing news USA: Boston Beer reports Q4 and full year 2024 results

The Boston Beer Company, Inc. on February 25 reported financial results for the fourth quarter ended December 28, 2024. Key results were:

Fourth Quarter 2024 Summary:

• Depletions were flat and shipments decreased 0.5%
• Net revenue increased 2.2% to $402.3 million
• Gross margin of 39.9% up 230 basis points year over year
• GAAP diluted loss per share of $3.38, which includes a previously announced contract settlement expense of $1.70 per share
• Non-GAAP diluted loss per share of $1.68

Full Year 2024 Summary:

Depletions decreased 2% and shipments decreased 2.4%
Net revenue increased 0.2% to $2.01 billion
Gross margin of 44.4% up 200 basis points year over year
GAAP diluted earnings per share of $5.06, which includes a non-cash brand impairment charge and contract settlement expense together totaling $4.37 per share
Non-GAAP diluted earnings per share of $9.43, or 31.5% growth year over year

Capital Structure

• Generated $249 million in operating cash flow for the full year 2024
• Ended the year with $212 million in cash and no debt
• Repurchased $239 million in shares in 2024 and $29 million in 2025 through February 21, 2025

“We were pleased to deliver improved operational and financial performance in 2024,” said Chairman and Founder Jim Koch. “I’m confident we have the right strategy and team in place and we will be stepping up advertising investment in 2025 to further strengthen our brands and drive long-term sustainable growth. Our strong balance sheet and cash flow generation allow us to both increase advertising investment and continue to return cash to shareholders through share repurchases.”

“The fourth quarter provided a solid finish to 2024 with flat depletions, gross margin expansion and strong cash generation,” said President and CEO Michael Spillane. “We are entering 2025 as a stronger company focused on end-to-end execution which is showing progress in a dynamic operating environment. We remain committed to our strategy of a diversified portfolio of core brands and strong innovation supported by increased advertising investment, transforming our supply chain and leveraging our industry leading salesforce.”





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