Karat Packaging Q1 net income up 15.6%, gross margin record 39.8%, special dividend $0.35

Karat Packaging Inc.

2023-Q1 EPS reported $0.45 revenue$95,801,000

Net sales $95.8M (-9.1% YoY); net income $9.2M (+15.6%); diluted EPS $0.45 vs $0.34.
Record gross margin of 39.8% (up 730bps) on lower ocean freight and raw material costs.
Adjusted EBITDA $15.3M (+17.6%); adjusted diluted EPS $0.46.
Board declared special dividend of $0.35/share, payable May 31 to holders of record May 23.
2023 guidance: full-year net sales up high single digits; Q2 net sales expected down ~5% YoY.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Karat Packaging Inc. reported first quarter and three months ended March 31, 2023 results: revenue $95.8 million, net income $9.2 million, EPS $0.45 per diluted share. Guidance reaffirmed.

Period: first quarter and three months ended March 31, 2023
Revenue: $95.8 million
Net income: $9.2 million
EPS: $0.45 per diluted share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

foodservice products and related items, today announced financial results for its 2023 first quarter ended March 31, 2023. First Quarter 2023 Highlights • Quarterly net sales of $95.8 million, decreased 9.1 percent from the prior-year quarter. • Gross profit of $38.1 million, up 12.2 percent from the prior-year quarter. • Record gross margin of 39.8 percent, an

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Source: SEC EDGAR

accession 0001628280-23-017220

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