US craft brewer The Boston Beer Company has reported first-quarter net revenues of $72.4m, up 27.4% from the corresponding quarter last year, on the back of a 23.7% increase in core shipment volumes.

Net income for the first quarter stood at $5.8m, or $0.40 per diluted share, representing an increase of $3.9m or $0.27 per diluted share from the same period last year. The company said the improvement had been driven primarily by an increase in net revenue which was partially offset by increases in costs of goods sold, selling and advertising expenses, general and administrative expenses and income taxes.

Total depletions grew by 18%, with double-digit increases recorded for the Samuel Adams Boston Lager, Samuel Adams Seasonals and Brewmaster's Collection brands. The company said these gains had been offset slightly by single-digit growth from the Sam Adams Light brand. However, volume gains were also recorded for the company's Twisted Tea brand.