Turning Point Brands (TPB) reported net sales of $101.72 million in the three months that ended Sept. 30, down from $107.8 million in the comparable quarter of 2022. Net income was $10.83 million, compared with $11.54 million in the prior-year quarter.
“Our third quarter results were consistent with our expectations,” said TPB President and CEO Graham Purdy in a statement.
“The Zig-Zag segment was stable sequentially from the second quarter and notwithstanding some transitory headwinds posted its third-highest revenue quarter. Stoker’s had another solid quarter of performance led by double-digit growth year-over-year in Stoker’s MST. We further de-levered the balance sheet with an opportunistic purchase of $15 million in aggregate principal amount of our convertible notes during the third quarter.
“With a new $75 million ABL revolving credit facility, our strong cash balance and our free cash flow generation, we now have more than ample liquidity to address the remaining balance of convertible notes maturing next year.”