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.
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