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Benzinga
Benzinga
Business
Shivani Kumaresan

Turning Point Brands Clocks 6.3% Sales Decline In Q1

  • Turning Point Brands Inc (NYSE:TPBreported a first-quarter FY22 sales decline of 6.3% year-on-year to $100.89 million, missing the consensus of $104.59 million.
  • Zig-Zag Products net sales increased 11.4% to $45.7 million. Stoker’s Products net sales rose 8.4% to $31.7 million on double-digit growth of Moist Snuff Tobacco (MST).
  • Gross profit decreased 2.8% to $51.8 million with a gross margin of 51.3%.
  • The operating margin was 19%, and operating income for the quarter fell 21% to $19.2 million.
  • The company held $126 million in cash and equivalents as of March 31, 2022.
  • Adjusted EBITDA decreased 9.8% to $25.3 million.
  • Adjusted EPS of $0.71 beat the analyst consensus of $0.52.
  • Outlook: TPB maintains FY22 guidance provided on February 22, 2022, with Zig-Zag Products sales of $193 million - $203 million and Stoker’s Products sales of $127 million - $134 million.
  • Price Action: TPB shares are trading lower by 1.45% at $30.55 on the last check Wednesday.
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