We achieved depletions growth of 36% in the third quarter.
We believe that Truly Iced Tea Hard Seltzer, which combines the refreshment of hard seltzer with real brewed tea and fruit flavor at only 100 calories and 1 gram of sugar, will further strengthen our position in the category.
We've adjusted our expectations for 2020 full-year depletions growth and our earnings guidance to reflect our trends for the first nine months and our current view of the remainder of the year, which is primarily driven by the year-to-date performance of Truly.
We are expecting all of our brands to grow in 2021 and are targeting overall volume growth rates to be between 35% and 45%.
Based on information in hand, year-to-date depletions reported to the company through the 42 weeks ended October 17, 2020 are estimated to have increased approximately 39% from the comparable weeks in 2019.
For the third quarter, we reported net income of $80.8 million, an increase of $36 million or 80.6% from the third quarter of 2019.
Earnings per diluted share were $6.51, an increase of $2.86 per diluted share for the third quarter of 2019.
Shipment volume was approximately 2.1 million barrels, a 30.5% increase from the third quarter of 2019.
We believe distributor inventory as of September 26, 2020 average approximately 2 weeks on hand and was lower than prior year levels due to depletions outpacing supply constrained shipments.
Our third quarter 2020 gross margin of 48.8% decreased from the 49.6% margin realized in the third quarter of 2019, primarily as a result of higher processing costs due to increased production at third-party breweries, partially offset by cost saving initiatives at company-owned breweries and price increases.
Third quarter advertising, promotional and selling expenses increased by $11.5 million from the third quarter of 2019, primarily due to increased investments in media and production, increased salaries and benefits costs and increased freight to distributors because of higher volumes.
General and administrative expenses decreased by $1.1 million from the third quarter of 2019, primarily due to non-recurring Dogfish Head transaction-related expenses of $3.6 million incurred in the comparable 13-week period in 2019, partially offset by increases in salaries and benefits costs.
Based on information of which we are currently aware, we are now targeting full-year 2020 earnings per diluted share of between $14 and $15, an increase of the previously communicated estimate of between $11.70 and $12.70.
This projection excludes the impact of ASU 2016-09.
Full year 2020 depletions growth is now estimated to be between 37% and 42%, an increase and narrowing from the previously communicated estimate of between 27% and 35%.
We project increases in revenue per barrel of between 1% and 2%.
Full year 2020 gross margins are expected to be between 46% and 47% and narrowing down of the previously communicated estimate of between 46% and 48%.
We plan to increase investments in advertising, promotional and selling expenses of between $55 million and $65 million for the full year 2020, a change from the previously communicated estimate of between $70 million and $80 million primarily due to lower selling expenses.
We estimate our full-year 2020 non-GAAP effective tax rate to be approximately 26%, which excludes the impact of ASU 2016-09.
We are continuing to evaluate 2020 capital expenditures and currently estimate investments of between $160 million and $190 million, a change from the previously communicated estimate of between $180 million and $200 million.
Based on information of which we are currently aware, we are targeting depletions and shipments percentage increases of between 35% and 45%.
We project increases in revenue per barrel of between 1% and 2%.
Full year 2021 gross margins are expected to be between 46% and 48%.
We plan increased investments in advertising, promotional and selling expenses of between $130 million and $150 million for the full year 2021, not including any changes 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 line.
We are currently evaluating 2021 capital expenditures and our initial estimates of between $300 million and $400 million, which could be significantly higher if deemed necessary to meet future growth.
We expect that our cash balance of $157.1 million as of September 26, 2020 along with our future operating cash flow and unused line of credit of $150 million will be sufficient to fund future cash requirements.

Summary:
We've adjusted our expectations for 2020 full-year depletions growth and our earnings guidance to reflect our trends for the first nine months and our current view of the remainder of the year, which is primarily driven by the year-to-date performance of Truly.
We are expecting all of our brands to grow in 2021 and are targeting overall volume growth rates to be between 35% and 45%.
Earnings per diluted share were $6.51, an increase of $2.86 per diluted share for the third quarter of 2019.
Full year 2020 depletions growth is now estimated to be between 37% and 42%, an increase and narrowing from the previously communicated estimate of between 27% and 35%.
Based on information of which we are currently aware, we are targeting depletions and shipments percentage increases of between 35% and 45%.