Craft Brew Alliance Reports Second Quarter and Year-to-date 2020 Results
Our second quarter performance reflects the continued impacts of the ongoing global pandemic, which forced the shut-down of on-premise bars and restaurants, including our brewpubs, for most of the quarter. Against this backdrop, we grew total company packaged shipments 13% over the second quarter last year, driven by strong growth among our core brands in package. Notably, packaged shipments for
“Acknowledging the evolving set of challenges facing our industry today, we are especially proud of Kona’s 12% increase in packaged shipments for the quarter. This achievement builds on the momentum we fueled through our marketing investments last year and further validates Kona’s relevance and resilience as a brand that more and more consumers trust during the pandemic,” said CBA CEO
During the second quarter, we continued to actively manage financial health through cost control and tightened spend. While COVID-19’s continued negative effect in the on-premise and draft led to a 9.2% decrease in total company shipments on a year-to-date basis, our active management mitigated the impact of this volume de-leveraging on key business metrics, with beer gross margins decreasing only 570 basis points and beer revenue per barrel increasing by more than 1%, compared to the same six-month period last year. These efforts contributed to earnings per share of
“We’re pleased with our financial performance in the second quarter, which reflects a companywide focus on our core business while tightly managing spend in the face of continued uncertainty related to the pandemic,” said CBA Chief Financial and Strategy Officer
In light of our pending combination with Anheuser-Busch (A-B), we have suspended the practice of holding investor conference calls and providing forward-looking guidance. As previously disclosed, following the approval by CBA shareholders, the proposed expanded partnership remains subject to the satisfaction of customary closing conditions, including receipt of requisite regulatory approvals. For more information on our second quarter performance, please refer to the Form 10-Q filing available on our investor relations website at https://investors.craftbrew.com/financial-information/sec-filings.
About
CBA is an independent craft brewing company that brews, brands, and brings to market world-class American craft beers. Our distinctive portfolio combines the power of
Formed in 2008, CBA is headquartered in
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