You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: This is Jim Koch, Founder and Chairman, and I'm pleased to be here to kick off the 2021 second quarter earnings call for The Boston Beer Company.
Joining the call from Boston Beer are Dave Burwick, our CEO and Frank Smalla, our CFO.
During the second quarter, we saw a significant growth in the on-premise channel and reopened all of our retail locations as most COVID-19 restrictions have been lifted across the country.
However, our 24% depletions growth for the second quarter decelerated from our first quarter growth of 48% and was below our expectations as the hard seltzer category and the overall beer industry were softer than we had anticipated.
Hard seltzer category growth was negatively impacted by several developments.
First, slowing growth in household penetration as the market matures and there is less new trial.
Second, a gradual transition of industry volume to the on-premise channel as hard seltzers became more regular option in that channel.
Third, new hard seltzer brands at retail that have resulted in a proliferation of choices and consumer confusion.
And fourth, a challenging comparative period of significant pantry loading related to on-premise restrictions in the second quarter of 2020.
We are encouraged that four of our five major brands grew in the second quarter and we continued to expand our market share.
In measured off-premise channels in the first half of this year where our brand portfolio represented 4% of total industry volume, we delivered over 45% of industry volume growth.
By far the highest of all brewers.
We will continue to invest behind our brands with a particular emphasis on fueling the momentum behind Truly and Twisted Tea.
We recently announced plans to develop new innovative beverages with Beam Suntory that we are planning to launch in early 2022.
We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.
We remain highly positive about the future growth of our brands and that our diversified brand portfolio will continue to fuel double-digit growth.
I will now pass over to Dave for a more detailed overview of our business.
Before I review our business results, I will start with the usual disclaimer.
Okay, now let me share a deeper look at our business performance.
Our depletions growth in the second quarter was a result of increases in our Truly hard seltzer, Twisted Tea, Samuel Adams and Dogfish Head brands.
They were only partially offset by decreases in our Angry Orchard brand.
Twisted Tea continues to generate double-digit volume growth rates and is the fastest-growing flavored malt beverage brand family in measured off-premise channels during the first half of this year.
Early in 2021, we launched Truly Iced Tea hard seltzer and during the second quarter we launched Truly Punch hard seltzer.
Similar to the Truly Lemonade, these new products deliver against drinkers' interest in both their flavor profiles and demonstrate Truly's distinctiveness and innovations leadership within the hard seltzer category.
In measure off-premise channels, Truly Iced Tea is the number one innovation in the overall beer industry over the first half of this year and Truly Punch is the number two innovation over the past four weeks.
The overall Truly brand growth rate improved to 2.7 times the hard seltzer category growth rate in the latest 13 weeks, resulting in a 4 point share gain and closing the share gap to the number one brand to single digits.
We are excited about our new Truly advertising campaign "No One Is Just One Flavor" featuring Grammy award winner and pop icon, Dua Lipa and showcasing Truly's superior variety of flavors and the colorful and adventurous nature of Truly drinkers.
Based on the brand's innovation leadership, strong brand building and growing cultural relevance, we believe Truly is well positioned to continue to grow share.
We overestimated the growth of the hard seltzer category in the second quarter and the demand for Truly, which negatively impacted our volume and earnings for the quarter and our estimates for the remainder of the year.
We increased our production of Truly to meet our summer peak and have had lower-than-anticipated demand for certain Truly brand styles, which has resulted in higher than planned inventory levels at our breweries and increased supply chain costs and complexity.
At the same time, we've been experiencing out-of-stocks on certain of our can [Phonetic] products, most significantly on our Twisted Tea brand family.
We expect wholesaler inventories of Twisted Tea to remain tight for the rest of the summer.
Our outlook for the hard seltzer category in the second half of 2021 is uncertain, and we planned our capacity and spending based upon several volume scenarios.
We'll continue to manage our capacity requirements through a combination of internal capacity increases and higher usage of third party breweries.
We continue to work hard on our comprehensive program to transform our supply chain with the goal of making our integrated supply chain more efficient, reduce costs, increase our flexibility to better react to mix changes and allow us to scale up more efficiently.
While we're in a very competitive business, we're confident in the continued growth of our current brand portfolio and innovations, and we remain prepared to forsake short- term earnings as we invest to sustain long-term profitable growth.
Based on information in hand, year-to-date depletions reported to the Company to the 28 weeks ended July 10, 2021 are estimated to have increased approximately 32% from the comparable weeks in 2020.
Now Frank will provide the financial details.
For the second quarter, we reported net income of $59.2 million, a decrease of $0.9 million or 1.6% from the second quarter of 2020.
Earnings per diluted share were $4.75, a decrease of $0.13 per diluted share from the second quarter of 2020.
This decrease was primarily due to increases in operating expenses, lower gross margins and the higher tax rate, partially offset by increased revenue growth driven by shipment growth.
Shipment volume was approximately 2.45 million barrels, a 27.4% increase from the second quarter of 2020.
Shipment volume for the first half was significantly higher than depletions volume and resulted in higher distributor inventory as of June 26, 2021 when compared to June 27, 2020.
The Company believes distributor inventory as of June 26, 2021, averaged approximately five weeks on hands and was an appropriate level for each of its brands, except for Twisted Tea, which has significantly lower than planned distributor inventory levels for certain styles and packages.
Our second quarter 2021 gross margin of 45.7% decreased from the 46.4% margin realized in the second quarter of 2020, primarily as a result of higher processing and other costs due to increased production at third party breweries, partially offset by price increases and cost saving initiatives at company owned breweries.
Second quarter advertising, promotional and selling expenses increased by $61.3 million from the second quarter of 2020, primarily due to increased brand investments of $41.2 million, mainly driven by higher media, production and local marketing costs and increased freight to distributors of $20.1 million that was primarily due to higher rates and volumes.
General and administrative expenses increased by $3.3 million from the second quarter of 2020, primarily due to increases in external services and salaries and benefits costs.
Based on information of which we are currently aware, we are now expecting full year 2021 earnings per diluted share of between $18 and $22, a decrease from the previously communicated range of between $22 and $26.
Excluding the impact of ASU 2016-09, the actual results could vary significantly from this target.
We're currently planning increases in shipments and depletions of between 25% and 40%, a decrease from the previously communicated range of between 40% and 50%.
We're targeting national price increases per barrel of between 1% and 3%.
Full year 2021 gross margins are currently expected to be between 45% and 47%.
We plan increased investments in advertising, promotional and selling expenses of between $80 million and $100 million for the full year 2021, a decrease from the previously communicated range of between $130 million and $150 million.
These amounts do not include any increases in freight costs for the shipment of products to our distributors.
We estimate our full year 2021 non-GAAP effective tax rate to be approximately 26 % excluding the impact of ASU 2016-09.
We're not able to provide forward guidance on the impact that ASU 2016-09 will have on our 2021 financial statements and full year effective tax rate, as this will mainly depend upon unpredictable future events, including the timing and value realized upon the exercise of stock options versus the fair value when those options are granted.
We're continuing to evaluate 2021 capital expenditures and currently estimate investments of between $180 million and $230 million, a decrease and a narrowing from the previously communicated range of between $250 million and $350 million.
The capital will be spent, mostly on continued investments in our breweries and could be higher if deemed necessary to meet future growth.
We expect that our cash balance of $103 million as of June 26, 2021 along with our future operating cash flow and unused line of credit of $150 million will be sufficient to fund future cash requirements.

user
compname reports q2 earnings per share $4.75.
q2 earnings per share $4.75.
in 2021 and going forward, company has chosen not to report covid-19 related direct costs separately.

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