Boston Q1 Shipments Look Promising, But Tariff Estimations are an Overhang

Dear Client:  Boston Beer Q1 earnings are out, and after last quarter’s flat depletion trend, some had high hopes. So how’d they do?  For the quarter ended March 29, shipments were up 5.3%, to roughly 1.7 million barrels. But that was somewhat to be expected, as Boston had previously said their first half ’25 shipments should be on the high end, to build inventories ahead of summer for hot brands like Sun Cruiser, Hard Mountain Dew and Truly Unruly.  With