Boston Beer Poised for Margin Improvement and Decelerating Volume Growth Over the Long Run
Narrow-moat Boston Beer’s full-year earnings largely met our expectations, with sales growing 15% versus our 16% estimate and operating margin contracting 180 basis points to 11.6%, matching our estimate. Top-line gains continue to be driven by volume, with 13% full-year depletion growth (11% in the fourth quarter) fueled by brands like Truly, Twisted Tea, and Angry Orchard. We’ve been impressed by Truly’s growth trajectory and think increased distribution, new flavors, and categorywide strength...Boston Beer Company is an alcoholic beverage company and a craft brewer. The company is engaged in the business of selling alcohol beverages throughout the United States and in selected international markets. The company's brands include Samuel Adams?, Twisted Tea?, Truly Hard Seltzer?, Wild Leaf? Hard Tea and Tura? Alcoholic Kombucha. The company produces alcohol beverages including malt beverages, hard cider and hard seltzer at the company-owned breweries and its cidery and under contract arrangements at other brewery locations. The company sells its products mainly in the United States, but also has markets in Canada, Europe, Israel, Australia, New Zealand, the Caribbean, the Pacific Rim, Mexico, and Central and South America.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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