Boston Gives Conservative Strategy on Q3 Call

Dear Client: Conservatism was a central theme of Boston’s Q3 call yesterday, from how the company will approach new Twisted Tea iterations, to how it arrived at its updated full-year guidance. We'll get to that. But first, the basics of the quarter: Boston’s Q3 saw a sequential improvement from Q2. Depletions were down 6% and shipments down 2.5% in the quarter, impacted by the July 4 shift headwind — but things looked much better on a comparable-week basis, with depletions