The Boston Beer Company, Inc. (NYSE:SAM) Q3 2023 Earnings Conference Call October 26, 2023 5:00 PM ET
Company Participants
Michael Andrews - Associate General Counsel and Corporate Secretary
James Koch - Founder and Chairman
David Burwick - President and Chief Executive Officer
Diego Reynoso - Chief Financial Officer and Treasurer
Conference Call Participants
Vivien Azer - TD Cowen
Robert Ottenstein - Evercore ISI
Bonnie Herzog - Goldman Sachs
Brett Cooper - Consumer Edge Research
Stephen Powers - Deutsche Bank
Eric Serotta - Morgan Stanley
Filippo Falorni - Citi
Operator
Greetings and welcome to The Boston Beer Company Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host Mike Andrews, Associate General Counsel and Corporate Secretary. Thank you, Mike. You may begin.
Michael Andrews
Thank you. Good afternoon, and welcome. This is Mike Andrews, Associate General Counsel and Corporate Secretary of The Boston Beer Company. I'm pleased to kick off our 2023 third quarter earnings call. Joining the call from Boston Beer are Jim Koch, Founder and Chairman; Dave Burwick, our CEO; and Diego Reynoso, our CFO.
Before we discuss our business, I'll start with our disclaimer. As we state in our earnings release, some of the information we discuss and that may come up on this call reflects the company's or management's expectations or predictions of the future.
Such predictions are forward-looking statements. It's important to note that the company's actual results could differ materially from those projected in these forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained in the company's most recent 10-Q and 10-K. The company does not undertake to publicly update forward-looking statements whether as a result of new information, future events, or otherwise.
I will now pass it over to Jim for some introductory comments.
James Koch
Thanks, Mike. I'll begin my remarks this afternoon with a few introductory comments and then hand over to Dave, who will provide an overview of our business. Dave will then turn the call over to Diego, who will focus on the financial details of our third quarter results as well as our outlook for the remainder of 2023.
Immediately following Diego's comments, we will open the line for questions. Our third quarter depletion decrease of 6% on a fiscal calendar basis and 3% on a comparable week's basis was in line with our expectations and improved from a decrease of 7% on a comparable week basis in the second quarter. We saw strong performance in our largest brand, Twisted Tea, and we expect its continued success to have a continued impact on our overall growth rates for the remainder of the year.