Boston Beer Company CEO Dave Burwick will step down and retire from the company’s board of directors, effective April 1. Michael Spillane, a Nike executive and lead director on Boston Beer’s board of directors, will supplant him.
Boston Beer Company’s leadership admitted the company has not performed “as expected” so far this year, lowering its guidance to a volume loss between -2% and -8%, during an earnings call with investors Thursday afternoon.
Due to the “greater than expected continuing decline in demand in the hard seltzer category,” Boston Beer Company has “reduced” its fiscal year 2022 volume and earnings guidance, founder and chairman Jim Koch said in a press release announcing the company’s Q2 2022 results.
What could the sale of a long fiercely independent craft brewery to a global brewing giant mean for consumer sentiment?
Another financial services firm has lowered Boston Beer Company’s stock (SAM). RBC Capital Partners today downgraded the company’s stock from an “outperform” rating to “sector perform.”
Goldman Sachs’ pessimism for Boston Beer Company’s 2022 sales performance and the company’s ability to reach its 2022 guidance continues, with analyst Bonnie Herzog downgrading Boston Beer to a “sell” rating in the financial services firm’s June Beverage Bytes retailer survey.
The life of Bevy Long Drink, Boston Beer’s malt-based foray into the Finnish long drink segment, won’t be very long after all. The company has discontinued the brand, which it launched in 20 test markets late last year and expanded nationwide earlier this year.
Boston Beer Company has launched its first-ever media campaign to support Hard MTN Dew, its ready-to-drink, fermented sugar-brew produced through a licensing partnership with PepsiCo.
Cowen is lowering its fiscal year 2023 estimates for Boston Beer Company, analyst Vivien Azer wrote in a report today, noting the financial services firm has become “increasingly skeptical” that Boston Beer will meet its guidance of +4%-+10% shipment and depletion growth.
Boston Beer Company’s plans in the non-alcoholic cannabis-infused beverage space are beginning to play out one year after establishing a Canadian subsidiary to focus on those offerings.
Boston Beer Company executives are now expecting hard seltzer growth for 2022 to be near the lower end of its previously communicated projections of flat to +10%, but they reaffirmed confidence in the long-term staying power of the segment, founder Jim Koch shared this week during the Global Staples Forum, according to a recap compiled by Goldman Sachs managing director Bonnie Herzog.
Ryan Burk, head cider maker for Boston Beer and Angry Orchard Hard Cider, has left the company, effective April 30.
Boston Beer Company is maintaining its guidance of 4% to 10% volume growth in 2022, despite first quarter losses, the company’s leadership team shared during an earnings call with investors Friday.
Boston Beer Company’s big first quarter in 2021 as it built hard seltzer inventories is coming to roost a year later. The company reported declines in depletions and shipments of -7% and -25.1%, respectively in the first quarter of 2022.
Boston Beer Company senior VP of supply chain Quincy B. Troupe will exit the company on April 1, according to a separation agreement filed with the U.S. Securities and Exchange Commission. Fort Bragg, California-headquartered North Coast Brewing Co. has named Chris Hudson its national key accounts director. Detroit, Michigan-based, Molson Coors-owned Atwater Brewery has appointed Katy McBrady as its president, effective April 4, following the departure of former president and owner Mark Rieth in December.
