Boston Grows Depletions and Shipments 11% in Q3 but Sees $133 Million Cost to Seltzer Slowdown

Dear Client:  It was arguably Boston Beer’s late July Q2 results —where the company posted 24% depletion growth, a halving of prior trends — where “Seltzer Slowdowngate” officially started.  Recall, that showing led the company to revise depletion and shipment growth estimates significantly downward, to between +25% and +40% (odd times indeed, when this is considered bad).  Then, in early September, the company pulled its financial guidance for the year altogether, noting reports estimating seltzer volumes to be many million