Turning Point Brands has reported its fourth quarter financial performance for 2022.
The overall net sales amounted to $103 million, marking a decrease of 1.8% compared to the same period in 2021.
The net profit of 49.6 million US dollars decreased by 1.5%.
The net sales of Zigzag and Stoker products increased by 0.9% and 2.6% respectively, while sales of NewGen products decreased by 11.1%.
Net income decreased by $27.8 million compared to the previous quarter, reaching -$16.3 million. The main reason for this decline was a non-cash asset impairment of $34.8 million.
The adjusted EBITDA declined by 2.9%, reaching $23.1 million.
The financial performance of the merged financial report for the fiscal year of 2022.
The combined net sales totaled $415 million, representing a decline of 6.8%.
The gross profit decreased to $205 million, a 5.6% decline.
Zigg-Zag and Stoker's net sales increased by 7.9% and 5.3%, respectively, while NewGen's sales decreased by 35.2%.
Net income decreased by $40.4 million, reaching $11.6 million, partially due to a non-cash asset impairment of $41.1 million.
The adjusted EBITDA decreased by 9.7%, dropping to $97.6 million.
The CEO and President of TPB, Graham Purdy, stated in a press release that their Q4 business performance met their expectations and all departments had strong execution.
References:
Turning Point Brands experienced a decline of 6.8% in their net sales.
Turning Point Brands has released their financial results for the fourth quarter and full year of 2022.
This document has been generated through artificial intelligence translation and is provided solely for the purposes of industry discourse and learning. Please note that the intellectual property rights of the content belong to the original media source or author. Owing to certain limitations in the translation process, there may be discrepancies between the translated text and the original content. We recommend referring to the original source for complete accuracy. In case of any inaccuracies, we invite you to reach out to us with corrections. If you believe any content has infringed upon your rights, please contact us immediately for its removal.
