Boston Q4 Depletions up 20%, Starts Off +35%

Dear Client: The top BA-defined craft beer producer last night reported Q4 depletions up 20%, while Boston Beer's Q4 core shipment volume was up 29% to 941,000 barrels. (Shipments/depletion difference was due to Q3 shortages being filled in Q4 as distributor inventories rebuilt.) Full-year depletions were up 23%, and volume was up 25% to approximately 3.4 million barrels. Looking forward, full year 2014 depletion growth estimates are between 16% and 20%. But YTD depletions to Feb. 15 are up an