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Turning Point Brands Reports Record Gross Profit For Q2

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Turning Point Brands (NYSE: TPB) released Wednesday its financial report for the second quarter.

The company disclosed net sales of $93.3 million, and gross profit record of $41.2 million, both up by 15.1% year-over-year. Its adjusted EBITDA was up 6% to $18.3 million, while adjusted diluted earnings per share were of 53 cents, compared to 51 cents in the same period last year.

Turning Points Brands’ net income was up $3.9 million, reaching $13.2 million.

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“The second quarter was especially strong for our Nu-X business,” said Larry Wexler, President and CEO. “Nu-X sales of $4.3 million in the quarter were up robustly from the $0.8 million in the first quarter. CBD products and RipTide vaping systems accounted for substantially all Nu-X sales in the quarter. Moving forward, we expect continued gains as we introduce new proprietary products into our sales and distribution infrastructure.”

Turning Points Brands also reported about some recent events, such as its $15.25 million worth acquisition of Solace Technologies, and strategic investment in a specialty marketing and distribution firm, ReCreation Marketing in Canada.

As per the report, on July 30, the company closed a Convertible Senior Notes offering for $172.5 million in new capital, and its board of directors announced a quarterly dividend of $0.045 per common share, which will be paid Oct. 11.

The company’s stock closed Tuesday’s session at $40.57, up by 47.7% year to date.

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