Boston Beer Co. reports for all of 2022, net revenue rose 16% to $2.09 billion and net profit was $67.26 million, or $5.44 a share, more than 4.5 times the year-earlier net profit of $14.55 million, or $1.19 a share.

Depletions decreased 5% and shipments eased 3.8%.

Chairman/Founder Jim Koch noted that shipments were slightly ahead of the company's guidance and said he was "encouraged by the improvements in our depletion trends as the fourth quarter unfolded.

"We continue to believe building a diversified Beyond Beer portfolio is the right strategy to deliver long-term balanced growth and value creation.  Although near-term trends remain challenging because of the hard seltzer category's trajectory, we have strong brands across multiple segments, the top salesforce in beer and a highly cash generative business with a strong balance sheet," Koch said.

Twisted Tea continues to experience industry-leading double-digit growth, while hard seltzer remains in decline, Dave Burwick, president/CEO, said.

The declines in depletions and shipments were attributed to Boston Beer's Truly Hard Seltzer, Angry Orchard, Dogfish Head, and Samuel Adams brands, partially offset by increases in its Twisted Tea and Hard Mountain Dew brands.