Zig-Zag rolling paper manufacturer Turning Point Brands, Inc. TPB reported financial results Thursday for the first quarter ended March 31, 2024 with total net sales of $97.1 million, compared to $100.96 million in the same period of 2023.
"We are encouraged by our first quarter results," stated Graham Purdy, president and CEO. "We believe the execution of our strategy has Zig-Zag back on a sustainable growth trajectory; Stoker's continued to grow and improved its market share; and the national launch of our FRE Modern Oral product is off to a good start."
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Q1 2024 Vs. Q1 2023 Summary
- Zig-Zag products net sales increased by 11.5% to $46.7 million, accounting for 48% of total net sales in the quarter.
- Gross profit increased 6.8% to $51.9 million
- Net income increased 58.1% to $12.0 million from $7.6 million.
- Adjusted net income increased 29.8% to $15.4 million ( net income)
- Adjusted EBITDA increased 21.6% to $25.3 million
- Diluted EPS of $0.63 and adjusted diluted EPS of $0.80 compared to $0.41 and $0.62 in the same period one year ago, respectively.
- Net debt on March 31, 2023 was $237.6 million. The company ended the quarter with total liquidity of $189.9 million, comprised of $130.9 million in cash and $59.0 million of asset-backed revolving credit facility capacity.
During the quarter, the company repurchased 72,545 shares at a cost of $2.1 million.
2024 Outlook
The company is maintaining its previous expectation of a full-year 2024 adjusted EBITDA of $95 to $100 million.
Price Action
Turning Point Brands was trading 1.54% lower at $32.07 per share during Friday’s pre-market session.
Related Links: Zig-Zag Segment Stable, Says CEO As Turning Point Reports Profit Increase And 6.1% YoY Drop In Q4 Net Sales
Photo: Courtesy of YARphotographer via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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