Earnings release
Page 1
LOUISVILLE , Ky . July 27 , 2021 Turning Point Brands , Inc. ( " TPB " or " the Company " ) ( NYSE : TPB ) , a manufacturer , marketer and distributor of branded consumer products , including alternative smoking accessories and consumables with active ingredients , announced today financial results for the second quarter ended June 30 , 2021 . ● TURNING POINT ™ BRANDS Turning Point Brands Announces Second Quarter 2021 Results ; Increases 2021 Guidance Q2 2021 vs. Q2 2020 ● -Q2 2021 Net Sales Increased 16.8 Percent Year - Over - Year -Q2 2021 Adjusted EBITDA Increased 31.7 Percent Year - Over - Year ● Net sales increased 16.8 percent to $ 122.6 million Gross profit increased 25.1 percent to $ 60.0 million Net income increased 49.2 percent to $ 15.4 million Adjusted EBITDA increased 31.7 percent to $ 30 million ( see Schedule A for a reconciliation to net income ) Diluted EPS of $ 0.73 and Adjusted Diluted EPS of $ 0.84 as compared to $ 0.49 and $ 0.66 in the same period one year ago , respectively ( see Schedule B for a reconciliation to Diluted EPS ) " Our second quarter performance continued to demonstrate Turning Point's positive growth momentum , led by our core market segments . Zig - Zag had an exceptional quarter with over 70 percent growth , driven principally by our strategic initiatives and aided by a favorable comparison against a COVID - related disruption in MYO cigar wraps the previous year . Stoker's also delivered a solid quarter fueled by double - digit growth in our MST business , " said Larry Wexler , President and CEO , Turning Point Brands . Mr. Wexler continued , " NewGen outperformed expectations , while also tackling the logistical challenge presented by the implementation of the PACT Act . We were also very active during this quarter deploying capital through opportunistic share repurchases and recently announced a key investment in Old Pal aimed at increasing our exposure to the cannabis market . Lastly , we also announced a key acquisition of assets from Unitabac to build on our competitive positioning in the large and growing cigars market . "