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# Boston Beer Net Revenue Up 1%, Volume Down in 3Q
- URL: https://bevnews.net/boston-beer-net-revenue-up-1-volume-down-in-3q/
- Published: 2023-10-27T00:33:23.000Z
- Updated: 2023-10-27T00:33:23.000Z
- Author: Joel Whitaker
- Tags: Earnings

**Boston Beer Co.** reports net revenue of $601.6 million, up 0.9% from the 2022 third quarter, ended Sept. 30\. Net income soared to $45.3 million, or $3.70 a share, from $27.29 million, or $2.21 a share, a year earlier.

Depletions decreased 6% in the fiscal third quarter, while shipments decreased 2.5%. 

"On a comparable weeks basis, which adjusts for the timing impact of the July 4th holiday, our depletions trends improved from a decrease of 7% in the second quarter to a decrease of 3% in the third quarter. We continue to execute our operational plans and grew revenue, gross margin and operating cash flow in the quarter which enabled us to repurchase over $69 million in shares year-to-date," said Chairman and Founder **Jim Koch**. "Our highly cash-generative business and strong balance sheet allow us to invest in our brands as we work to return to long-term sustainable growth."

President and CEO Dave Burwick said the company is "pleased with our performance in the third quarter as momentum on **Twisted Tea** remained strong and we continued to show progress on our margin enhancement plans while increasing brand investment. Based on our results year-to-date and our expectations for the fourth quarter, we are narrowing our revenue and EPS guidance ranges. We plan to continue to invest behind the **Twisted Tea** and **Truly** brands while also nurturing innovation across Beyond Beer categories to drive long-term growth."

Depletions in the third quarter decreased 6% from the prior year while shipment volume increased 2.5% to 2.5 million barrels, reflecting decreases in the Company's Truly, Samuel Adams, Angry Orchard and Dogfish Head brands, partially offset by increases in its Twisted Tea and Hard Mountain Dew brands.