Turning Point Brands, Inc. TPB released financial results for the second quarter ended June 30, 2023, revealing net sales increased 2.6% to $105.6 million, compared to $102.9 million in Q2 2022.
Q2 2023 Financial Highlights
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Gross profit increased 2.0% to $52.5 million from $51.5 million in Q2 2022.
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Net income increased 83.0% to $9.9 million from $5.4 million in Q2 2022.
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Adjusted EBITDA increased 2.2% to $25.3 million, compared to $24.7 million in Q2 2022.
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Diluted EPS of $0.53 and adjusted diluted EPS of $0.79 compared to $0.30 and $0.70 in the same period one year ago, respectively.
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Total gross debt as of June 30, 2023 was $383.5 million. Net debt (total gross debt less unrestricted cash) at June 30, 2023 was $283.0 million.
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The company ended the quarter with total liquidity of $124.1 million, comprised of $100.5 million in cash and $23.6 million of revolving credit facility capacity.
Graham Purdy, president and CEO, stated: “Our second quarter results demonstrated continued progress against our plan. The Zig-Zag segment grew double-digits sequentially from the first quarter as trade inventory normalized. Stoker’s had another solid quarter of performance led by double-digit growth in Stoker’s MST. We opportunistically purchased another $15.1 million in aggregate principal amount of our convertible notes during the second quarter while maintaining a strong cash balance. Given our solid first half performance, we are raising our guidance for the full year.”
“Our e-commerce business had another quarter of double-digit growth as we continue to build our omni-channel presence. We remain encouraged by our prospects with secular cannabis consumption growth trends driving demand for our products.”
2023 Outlook
At this time, the company expects full-year 2023 adjusted EBITDA to be $90 to $95 million (compared to previous outlook of $88 to $94 million).
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