Financial Data and Key Metrics Changes - Revenue for Q3 2025 decreased by 11.2% due to lower volumes, partially offset by increased pricing and favorable product mix [26] - Gross margin for Q3 2025 was 50.8%, an increase of 450 basis points year over year, marking the highest level since 2018 [26][27] - Year-to-date EPS reached $11.82, with guidance for full-year EPS revised to $7.80 to $9.80, up from $6.72 to $9.54 [28][32] Business Line Data and Key Metrics Changes - Depletions decreased by 3% in Q3 2025, with shipments down 13.7%, primarily driven by declines in Twisted Tea, Truly Hard Seltzer, and Samuel Adams [26][10] - Twisted Tea saw a year-to-date decline of 5% in dollar sales, while Angry Orchard returned to growth with increased depletions [12][24] - Sun Cruiser became the leading RTD spirits brand in on-premise channels, with significant growth in distribution and velocity [18][19] Market Data and Key Metrics Changes - The overall beer industry is estimated to be down over 4% in volume, while the beyond beer category, which represents over 85% of the company's volume, is expected to grow [6][10] - The hard seltzer category declined 4% in dollars in measured off-premise channels, as consumer preferences shift towards premium RTD spirits [21] - Hispanic consumer buying rates remain challenged, impacting brands like Twisted Tea, which has a significant portion of its drinker base from this demographic [12][13] Company Strategy and Development Direction - The company is focused on innovation, advertising investment, and margin improvement, with a strong emphasis on the beyond beer category [4][6] - Plans to expand Sun Cruiser and launch additional innovation brands in 2026 are underway, alongside increased advertising support [19][20] - The company aims to maintain share within its brand families and is investing in local market activation programs to support brand growth [8][17] Management's Comments on Operating Environment and Future Outlook - The management acknowledged a challenging macroeconomic environment affecting consumer demand, particularly among low to middle-income consumers [6][12] - Despite current headwinds, the company sees long-term growth opportunities in the beyond beer category and is committed to investing in its brands [7][10] - Management expressed confidence in the strategies and team in place to navigate the current environment and improve share trends [25] Other Important Information - The company generated over $230 million in operating cash flow in the first nine months of the year, allowing for brand investments and share repurchases [11] - The company has narrowed its volume guidance range for the year and raised its gross margin and EPS guidance, reflecting strong performance year-to-date [30][32] - The company ended the quarter with a cash balance of $250.5 million and an unused credit line of $150 million, providing flexibility for future investments [33] Q&A Session Summary Question: Clarification on promotional spend and timing - Management indicated that promotional spending will support Twisted Tea and that local marketing efforts will continue into next year [36][40] Question: Thoughts on smaller pack sizes - Management is exploring smaller pack sizes but believes that traditional sizes offer better value and margin [37][42] Question: Gross margin performance and future targets - Management expressed confidence in maintaining high gross margins and achieving targets through ongoing savings projects [46][50] Question: Top-line growth outlook - Management is optimistic about Sun Cruiser's growth potential and aims to maintain share across its brand portfolio [54][58] Question: Impact of hemp beverages and Hispanic consumers - Management noted that economic conditions and health concerns are significant factors affecting demand, with limited impact from hemp beverages [72][74]

Financial Data and Key Metrics Changes - Revenue for Q3 decreased by 11.2% due to lower volumes, partially offset by increased pricing and favorable product mix [32] - Gross margin for Q3 was 50.8%, an increase of 450 basis points year-over-year, marking the highest level since 2018 [33] - Year-to-date EPS reached $11.82, with guidance for full-year EPS revised to $7.80 to $9.80, up from $6.72 to $9.54 [38] Business Line Data and Key Metrics Changes - Depletions decreased by 3% in Q3, with shipments down 13.7%, primarily driven by declines in Twisted Tea, Truly Hard Seltzer, and Samuel Adams [32] - Sun Cruiser and Angry Orchard brands showed growth, with Sun Cruiser becoming the leading RTD spirits brand in on-premise channels [22][32] - Twisted Tea experienced a decline of 5% in dollar sales year-to-date, attributed to macroeconomic factors and competition from RTD spirits [15][16] Market Data and Key Metrics Changes - The overall beer industry is estimated to be down over 4% in volume, while the company's depletions were down 3% [12][32] - The hard seltzer category declined by 4% in dollars, with Truly remaining a top brand but underperforming [25] - The Hispanic consumer segment continues to face challenges, impacting demand across the industry [16][97] Company Strategy and Development Direction - The company is focused on innovation, brand support through advertising, and margin improvement initiatives [7][11] - Plans to expand Sun Cruiser and introduce new innovation brands in 2026, while continuing to support Twisted Tea with advertising and promotional efforts [20][25] - The company aims to maintain share in its brand families and capitalize on growth opportunities in the beyond beer category [71][80] Management's Comments on Operating Environment and Future Outlook - The current macroeconomic environment remains challenging, with consumers managing budgets tightly and moderation trends impacting demand [8][9] - Management remains optimistic about long-term growth opportunities in the beyond beer category, which represents over 85% of the company's volume [9][10] - The company expects to see improvements in the macroeconomic environment and brand performance in the long term [21][72] Other Important Information - The company generated over $230 million in operating cash flow in the first nine months, allowing for brand investments and share repurchases [14] - The company has narrowed its volume guidance range and raised gross margin and EPS guidance for the full year [36][38] - The company ended the quarter with a cash balance of $250.5 million and an unused credit line of $150 million [40] Q&A Session Summary Question: Clarification on promotional spend and local marketing - Management indicated that promotional spending will support Twisted Tea and that local marketing efforts will continue into next year [44][46] Question: Gross margin performance and future targets - Management expressed confidence in maintaining high gross margins due to ongoing savings projects and operational efficiencies [56][59] Question: Top line growth outlook and brand contributions - Management remains optimistic about Sun Cruiser's growth potential and aims to maintain share for Twisted Tea and Truly [70][76] Question: Impact of hemp beverages and Hispanic consumers - Management noted that the Hispanic consumer segment represents about 20% of Twisted Tea drinkers and highlighted macroeconomic factors as significant drivers of industry declines [97][98] Question: Fourth quarter earnings outlook - Management reiterated that Q4 is typically the lowest revenue quarter and explained the changes in production and marketing spend that contribute to this trend [104][108]

Group 1 - The updated guidance follows a decline in revenue for the brewer in its most recent quarter [1]

Financial Performance - Net revenue for Q3 2025 was $537.5 million, a decrease of 11.2% year-over-year [5]. - Year-to-date revenue of $1.579 billion decreased by 1.9% compared to the same period in 2024 [14]. - Revenue for the thirteen weeks ended September 27, 2025, was $571,476,000, a decrease of 10.9% compared to $642,131,000 for the same period in 2024 [30]. - Net income for Q3 2025 was $46.2 million, an increase of $12.6 million, but a decline of 26.3% when excluding the prior year's non-cash brand impairment charge [5]. - Net income for the thirty-nine weeks ended September 27, 2025, was $131,000,000, representing a 33.1% increase from $98,450,000 in the prior year [30]. - Operating income increased to $62,049,000 for the thirteen weeks ended September 27, 2025, compared to $45,833,000 for the same period in 2024, marking a 35.3% increase [30]. Expenses and Costs - Advertising, promotional, and selling expenses increased by $49.5 million or 12.0% year-to-date, primarily due to increased brand media investments [18]. - Advertising, promotional, and selling expenses rose to $164,739,000 for the thirteen weeks ended September 27, 2025, up from $147,986,000 in the prior year, indicating an 11.3% increase [30]. Margins and Profitability - Gross margin improved to 50.8%, up 450 basis points from 46.3% in the prior year [9]. - Gross profit for the thirteen weeks ended September 27, 2025, was $273,117,000, slightly down from $280,241,000 in the same period last year [30]. Cash and Assets - Cash and cash equivalents increased to $250,454,000 as of September 27, 2025, compared to $211,819,000 at the end of December 2024 [32]. - Total current assets reached $461,786,000 as of September 27, 2025, an increase from $417,291,000 at the end of December 2024 [32]. Liabilities and Shareholder Actions - Total liabilities were $335,617,000 as of September 27, 2025, slightly up from $333,831,000 at the end of December 2024 [32]. - The company repurchased $161 million in shares year-to-date, with approximately $266 million remaining on the share buyback expenditure limit [22]. - The company repurchased $152,423,000 of Class A common stock during the thirty-nine weeks ended September 27, 2025 [34]. Future Outlook - The company expects full-year 2025 depletions and shipments to decline in the mid-single digits, with gross margin guidance raised to 47% to 48% [25]. - The company plans to provide full-year 2026 financial guidance during its fourth quarter earnings call in February 2026 [26]. Taxation - The effective tax rate for Q3 2025 was 28.1%, down from 31.7% in the prior year [13]. Shipments and Depletions - Depletions decreased by 3% and shipments decreased by 13.7% in Q3 2025, with shipment volume at approximately 1.9 million barrels [6].

Limited-Edition, Barrel-Aged Extreme Beer Achieves Samuel Adams’ Founder and Brewer Jim Koch’s Decades-Long Dream to Push the Boundaries of Craft Brewing Samuel Adams Utopias 2025 Samuel Adams releases Utopias 2025, a rare, barrel-aged 30% ABV beer, crafted to showcase the brand’s relentless pursuit of brewing innovation. Boston, MA, Oct. 21, 2025 (GLOBE NEWSWIRE) -- Samuel Adams, one of the pioneers of craft beer, today unveiled Samuel Adams Utopias 2025, the 14th release of the highly anticipated, bar ...

Leadership Changes - Boston Beer Company announced immediate leadership changes, appointing Phil Hodges as Chief Operating Officer (COO) [1][2] - Hodges will oversee day-to-day operations and focus on brand building and margin enhancement initiatives, reporting to CEO Jim Koch [2][4] Phil Hodges' Background - Phil Hodges has over 30 years of experience in consumer packaged goods (CPG), previously serving as CSCO at Carlsberg and CFO at Kraft Foods International [3] - Since becoming CSCO in May 2023, Hodges has improved service levels and efficiency in the company's supply chain, leading to strong gross margin expansion [3] Promotion of Phil Savastano - Phil Savastano has been promoted to Chief Supply Chain Officer, overseeing various operational areas and reporting to Hodges [5][7] - Savastano joined Boston Beer in March 2024 and has a background with Tesla and Molson Coors, contributing to operational excellence [5]

Core Insights - Starcore International Mines Ltd. has successfully oversubscribed its $5 million private placement, indicating strong investor interest [1][2] - The first tranche of the financing closed on September 26, 2025, raising gross proceeds of approximately $2.66 million through the issuance of over 10.64 million units, which included common shares and warrants [1] - The company is expanding its global reach, with participation from investors across seven different countries [2][3] Financial Details - Tranche 1 of the financing generated gross proceeds of $2,661,788.75 [1] - A total of 10,647,155 units were issued, which included 10,647,155 common shares and 5,323,577 warrants [1] - An additional 183,680 warrants were issued to finders for their efforts in the financing [1] Company Overview - Starcore International Mines focuses on precious metals production, primarily in Mexico, and has exploration and development projects across North America [3] - The company is also involved in a project in Côte d'Ivoire, showcasing its international expansion [3] - Starcore emphasizes Corporate Social Responsibility and aims to make value-driven decisions to enhance long-term shareholder value [3]

Core Insights - The article compiles significant research calls from Wall Street, highlighting upgrades and downgrades that could impact investor decisions. Upgrades - Deutsche Bank upgraded Mobileye (MBLY) to Buy from Hold with a price target of $19, indicating a favorable setup for the shares [2] - BofA upgraded Brinker (EAT) to Buy from Neutral with a price target of $192, up from $190, noting that full-service restaurants are better positioned due to higher incomes among older consumers [3] - Jefferies upgraded Ford (F) to Hold from Underperform with a price target of $12, up from $9, citing the potential for improved earnings as constraints on higher CO2 mix models loosen [4] - Rothschild & Co Redburn upgraded Affirm (AFRM) to Buy from Neutral with a price target of $101, up from $74, highlighting its established product set and international growth potential [5] - Morgan Stanley upgraded Micron (MU) to Overweight from Equal Weight with a price target of $220, up from $160, predicting multiple quarters of double-digit price increases that could enhance earnings power [6] Downgrades - Susquehanna downgraded Rambus (RMBS) to Neutral from Positive with a price target of $100, indicating that the best-case EPS outlook is already priced in [7] - BofA downgraded Shake Shack (SHAK) to Underperform from Neutral with a price target of $86, down from $148, due to margin pressures from competition and inflation [7] - Citi downgraded Boston Beer (SAM) to Neutral from Buy with a price target of $235, down from $255, anticipating continued challenges in the second half of 2025 [7] - Scotiabank downgraded AT&T (T) to Sector Perform from Outperform with a price target of $30.25, expecting modest revenue and EBITDA growth amid business segment weakness [7] - Scotiabank downgraded Check Point (CHPT) to Sector Perform from Outperform with a price target of $205, down from $220, expressing less optimism about the company despite a positive outlook for the U.S. software sector [7]

Vancouver, British Columbia--(Newsfile Corp. - October 2, 2025) - Starcore International Mines Ltd. (TSX: SAM) (the "Company" or "Starcore") acknowledges the current postal strike across Canada, which has created significant challenges in ensuring timely delivery of shareholder communications and proxy materials.To overcome these challenges, Starcore provides the following guidance to its shareholders for the Annual General and Special Meeting to be held on Friday, October 24, 2025:The Company's meeting ma ...

Core Insights - Boston Beer Company is navigating a challenging operating environment characterized by macroeconomic uncertainty, pressured consumer spending, and weak category demand, yet it has achieved strong margin gains and earnings growth [1][4] - The company's innovation strategy, particularly with products like Sun Cruiser and Twisted Tea Light, is driving consumer engagement and brand relevance, helping to offset declines in more mature categories [2][7] - Boston Beer is focusing on long-term brand building, reinforcing core brands like Twisted Tea and Samuel Adams while expanding newer offerings, which illustrates a disciplined strategy in a competitive beverage landscape [3][4] Financial Performance - Despite weak demand and soft retail traffic, Boston Beer posted margin gains and earnings growth, indicating resilience in its financial performance [7] - The company's shares have gained 18% over the past three months, outperforming the industry and broader Consumer Staples sector, which declined by 6.6% and 1.8%, respectively [5] Valuation Metrics - Boston Beer currently trades at a forward 12-month P/E ratio of 20.43X, which is higher than the industry average of 13.82X and the sector average of 25.51X, suggesting that investors may be pricing in stronger growth prospects [9]