Boston Q1 Shipments and Revs up 32%

Dear Client: Boston Beer Q1 2019 earnings just hit. Q1 depletions were up 11% (note, on last quarter's earnings call, Boston had estimated YTD 2019 depletions through the six weeks ended February 9 up 12%). And Q1 shipments? Those were up an eye-popping 32.5% (to 1.1 million barrels), driving net revenues up 32.1%. Now remember, shipments growth was expected to run ahead of depletions in this quarter [see BBD 12-21-2018] -- "significantly higher than depletions," in fact, CEO Dave Burwick