CBA Revises Shipments/Depletions Guidance to Between Flat and +3%

Dear Client: After A-B passed on making a qualified offer for Craft Brew Alliance late last month, CBA said it would update full year guidance and its strategy in the coming weeks.  So this morning, ahead of a planned conference call to do just that, CBA said it would maintain full-year 2019 guidance -- except for shipments and depletions. KONA OUT OF STOCKS PLAYED A PART..."While shipments for portfolio anchor Kona Brewing Co. were up 10% in the first half