Tootsie Roll Q3 net sales down 10% to $223.9M; EPS $0.46 vs $0.48

TOOTSIE ROLL INDUSTRIES INC

Net sales $223.9M, down 10% YoY; net earnings $32.8M, down 4%; EPS $0.46 vs $0.48.
Nine-month net sales $524.2M, down 8%; net earnings $64.3M, up 3%; EPS $0.90 vs $0.87.
Management cites customer resistance to higher prices and timing shift between Q3 and Q4 as sales headwinds.
Cocoa and chocolate costs rising; expects adverse effects on margins in Q4 2024 and 2025.
Gross profit margins improved from price realization and plant efficiencies, but lower volumes pressured results.

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