Turning Point Brands Inc ( (TPB) ) has released its Q3 earnings. Here is a breakdown of the information Turning Point Brands Inc presented to its investors.
Turning Point Brands, Inc., a manufacturer and distributor of branded consumer products, including alternative smoking accessories, has reported its financial results for the third quarter of 2024. The company continues to operate within the consumer goods sector, offering products like Zig-Zag® and Stoker’s® brands throughout North America.
In its latest earnings report, Turning Point Brands announced a favorable increase in its adjusted EBITDA to $27.2 million, marking an 11% rise compared to the previous year. The company also highlighted a notable increase in net sales for its Zig-Zag and Stoker’s products by 8% year-over-year, leading to an upward revision in its full-year 2024 adjusted EBITDA guidance to an expected range of $101 to $103 million.
The financial performance for the third quarter of 2024 showed a consolidated net sales growth of 3.8% to $105.6 million, with Zig-Zag and Stoker’s products showing significant sales increases of 5.5% and 12.1%, respectively. Gross profit improved by 4% to $53.7 million, and net income rose by 14.3% to $12.4 million. Adjusted net income also saw a rise of 9.8% to $15.9 million, while diluted earnings per share (EPS) increased from $0.58 to $0.68.
With these positive results, Turning Point Brands is optimistic about its continued growth trajectory, particularly with Zig-Zag and Stoker’s products gaining market share. The company has also expanded its share repurchase program, reflecting confidence in its financial health and strategic direction.
Looking ahead, Turning Point Brands is poised to maintain its upward momentum as it leverages its strong brand presence and market expansion strategies. The management’s increased guidance for 2024 reflects their confidence in sustaining the growth trend witnessed this quarter.
