Three Talking Points from Boston Q1 Call: New Vodka, More Shelf Space, and Run Room

Dear Client: Well, it was a 1.5-hour-long call for a typically short first quarter, but we think we can boil down Boston Beer's earnings highlights to about three themes: run room to hit ambitious guidance; more shelf space for key brands; and more details on the just-announced Truly Vodka (yes, like actual vodka) Seltzer. First, the vital stats: As CBD reported, Boston reported negative depletions and shipments for Q1 yesterday, down 7% and 25.1%, respectively. Q1 net revenues were down