Turning Point Brands, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
February 28, 2024 at 07:30 am EST
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Turning Point Brands, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported sales was USD 91.98 million compared to USD 97.62 million a year ago. Net income was USD 10.11 million compared to net loss of USD 16.32 million a year ago. Basic earnings per share from continuing operations was USD 0.57 compared to basic loss per share from continuing operations of USD 0.93 a year ago. Diluted earnings per share from continuing operations was USD 0.53 compared to diluted loss per share from continuing operations of USD 0.93 a year ago.
For the full year, sales was USD 384.82 million compared to USD 391.74 million a year ago. Net income was USD 38.46 million compared to USD 11.64 million a year ago. Basic earnings per share from continuing operations was USD 2.19 compared to USD 0.65 a year ago. Diluted earnings per share from continuing operations was USD 2.01 compared to USD 0.64 a year ago.
Turning Point Brands, Inc. is a manufacturer, marketer and distributor of branded consumer products. It sells a range of products to adult consumers consisting of staple products under the brands Zig-Zag and Stokerâs. Its segments include Zig-Zag Products (Zig-Zag), Stokerâs Products (Stokerâs) and Creative Distribution Solutions. Zig-Zag principally market and distribute rolling papers, tubes, and related products; finished cigars and make-your-own cigar wraps, and CLIPPER reusable lighters and other accessories. Stokerâs manufactures and markets moist snuff tobacco (MST) and contract for and market loose leaf chewing tobacco products. Creative Distribution Solutions segment markets and distributes liquid nicotine products and certain other products without tobacco and/or nicotine; distributes an assortment of products to non-traditional retail outlets via Vapor Beast, and markets and distributes an assortment of products to individual consumers via the VaporFi B2C online platform.