Tootsie Roll Q2 net sales fall 6% to $148.8M; EPS up 10% to $0.22

TOOTSIE ROLL INDUSTRIES INC

Q2 2024 net sales $148.8M, down 6% YoY; net earnings $15.6M, EPS $0.22 vs $0.20.
First half 2024 net sales $300.3M, down 6%; net earnings $31.5M, EPS $0.44 vs $0.39.
Management cites customer resistance to higher prices and inventory adjustments as sales headwinds.
Gross margins improved from price realization and manufacturing efficiencies; lower volume hurt.
Cocoa/chocolate costs rising; expected to pressure margins in H2 2024 and 2025.

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