Financial Report: Turning Point Brands Q4 2022 Results

Feb.28.2023

Turning Point Brands reports Q4 and FY2022 financial results, with decreases in net sales and gross profit.

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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