Tootsie Roll Q1 net sales up 15% to $160.7M; EPS $0.19 vs $0.17; input costs pressure margins

TOOTSIE ROLL INDUSTRIES INC

Net sales $160.7M (+15% YoY); net earnings $13.4M (+11.4%); EPS $0.19 vs $0.17.
Higher input costs (ingredients, packaging, repairs) significantly offset sales gains; margins not restored to historical levels.
Supply contracts expired end of 2022; new agreements at higher prices effective Q1 2023; spot purchases at substantially higher costs.
Price increases phased in from H2 2021 into 2023; company mindful of limits on passing through all higher costs.
Supply chain improved but labor shortages persist; stock buybacks reduced shares outstanding.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

TOOTSIE ROLL INDUSTRIES INC reported first quarter ended March 31, 2023 results: revenue $160,711,000, net income $13,401,000, EPS $0.19.

Period: first quarter ended March 31, 2023
Revenue: $160,711,000
Net income: $13,401,000
EPS: $0.19
Result: reported results

Exact text from the filing

First quarter 2023 net sales were $160,711,000 compared to $139,291,000 in first quarter 2022, an increase of $21,420,000 or 15%. First quarter 2023 net earnings were $13,401,000 compared to $12,027,000 in first quarter 2022, and net earnings per share were $0.19 and $0.17 in first quarter 2023 and 2022, respectively, an increase of $0.02 per share or 12%.

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Source: SEC EDGAR

accession 0001558370-23-006760

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