CBA Q1: Still Tinkering

Dear Client:By now you should know the story for CBA Q1 '13, ended March 31: Depletions up 5%, non-contract shipments down 3.3%, and unchanged full-year guidance of between 7%-11% depletion growth. CEO Terry Michaelson kicked off the explication of it all on today's call: The discrepancy between Q1 2012 and 2013 performance was driven by 2012's "unusually high" start that "belied the overall strength of our business and challenges we faced the remainder of year." Therefore 2013 "will be more