11-05-2009 - Vol. 11 / No. 06Boston Beer returned to healthy sales growth in 3d qtr with depletions up 6%, shipments up 7%. For 9 mos, Boston sales-to-retailers up 2%. Boston expects 2-3% STR growth for full yr. Boston oper income hit $17.2 mil in 3d qtr, compared to just a half mil last yr as it blew thru consensus earnings estimates. Now at $41.4 mil for 9 mos, 5x greater than last yr’s $8.1 mil. Boston cut ad promo and selling expenditures by $11.4 mil, didn’t have last yr’s recall expenses of $9.5 mil and increased revs by $13.2 mil. With these strong results, Boston upped earnings guidance for full yr 2009. Rev per bbl up about 3% in 09. Boston “hopes to increase revenue per barrel by 2%” in 2010 “through minor front line and deal level adjustments.” Cost of goods sold flat and Boston forecasts same in 2010.
