Widmer Continues Turnaround

Dear Client: Craft Brew Alliance earnings for the full year and Q4 are in, reflecting prelim results issued in early February [see CBD 02-05-2015] but with a little more detail. Refresher: CBA shipments grew 10% in 2014 versus a 4% uptick in 2013. Depletions grew 7%, compared to 11% in 2013, and despite an approximate 25% reduction in SKUs. Shipments were up 6% in the quarter, and depletions were up 2%. And now brand highlights are in: In 2014, Kona