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US: Boston Beer Co sees lift in FY profits, sales

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  • FY net profits up 18% to US$70.4m
  • Net sales leap 27.4% to $739m
  • FY operating profits rise 18.3% to $113m
  • FY volumes jump 24% to 3.4m barrels 

Boston Beer Company has returned to full-year net profit growth after a strong lift in sales helped by its flagship lager brand Samuel Adams. 

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The craft brewer, which is this year celebrating its 30th anniversary, said today (25 February) that net profits in the 12 months to the end of December rose by 18% to US$70.4m. Sales in the period increased by 36.7% to $793.7m, while operating profits in the period climbed by 18.3% to $113m. 

Advertising, promotional and selling expense and customer program and incentive costs rose by 26% to $45.6m in the full-year, the company said. 

In its previous full-year, the brewer had reported a 10% slip in net profits

Today Boston said in its fourth quarter for 2013, net profits rose by 7% to $18m, while net sales climbed 34% to $205.4m. Operating profits in final three months of the year were up by 7.9% to $29.1m for the group. 

Martin Roper, president & CEO said the company had benefitted from growth of the company's brands, particularly Samuel Adams, Twisted Tea and Angry Orchard cider.

But he added: "Over the past year, our supply chain struggled under the unexpected increased demand and we experienced higher operational and freight costs as we reacted." 

Looking ahead, Roper said: "In preparation for 2014, we have significantly increased our packaging and shipping capabilities, and our tank capacity at our breweries, to address the opportunity and meet these challenges... we expect a continued high level of brand investment and capital investment as we pursue growth and innovation."

For coverage of Boston Beer's post-results conference call, click here.

To read the company's full announcement, click here.


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