Turning Point Brands, Inc. TPBQ3 2022 Net sales declined 1.9% to $107.8 million compared to 109.9 million in the third quarter of 2021.
Q3 2022 Financial highlights
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gross profit declined 2.9% year-on-year $52.7 million.
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net income declined 14.3% year-on-year $11.5 million.
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Adjusted EBITDA declined 6.7% year-on-year $24.5 million.
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Diluted earnings per share of $0.60 and adjusted diluted earnings per share of $0.72 compared to $0.65 and $0.72 respectively for the same period a year ago.
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Total Gross Debt as of September 30, 2022 $422.5 million. Corresponding net debt (total gross debt less cash) as of September 30, 2022 was $316.8 million.
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The Company ended the quarter with total liquidity of $127.1 million consisting of $105.7 million in cash and $21.4 million of revolving credit facility capacity.
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During the quarter, the company spent $7.6 million to repurchase 307,207 shares at an average price of $24.78 per share.
“The Zig-Zag and Stoker’s segments delivered strong double-digit growth during the quarter despite a challenging economic backdrop, with inflationary pressures continuing to weigh on consumers. During the quarter, Zig-Zag benefited from solid growth in US and Canadian businesses as well as the successful launch of CLIPPER lighters. Meanwhile, Stoker’s MST saw continued stock gains, fueled by the descent of consumers into the value category. NewGen revenue declined slightly sequentially and the segment remained profitable as we monitor ongoing regulatory developments,” he said Graham PurdyPresident and CEO.
“During the quarter, we continued to return capital to our shareholders while maintaining a strong treasury balance sheet, which gives us the ability to navigate the current funding environment. While our competitive position remains strong and we outperformed our markets for the quarter, it is prudent to adjust our outlook for the year given the current economic environment. To…
