Karat Packaging Q2 net sales down 5.3% to $108.7M, gross margin expands to 38.5%; declares special $0.40 dividend

Karat Packaging Inc.

2023-Q2 EPS reported $0.98 revenue$204,541,000

Net sales $108.7M (-5.3% YoY); net income $10.7M (+48.3% YoY); diluted EPS $0.53 vs $0.32.
Gross margin 38.5% vs 29.6% last year; ocean freight costs fell to 6.2% of sales from 18.0%.
Adjusted EBITDA $21.1M (+78.6% YoY); adjusted diluted EPS $0.69 vs $0.34.
Board declared special dividend of $0.40/sh and new quarterly dividend of $0.10/sh, initiating quarterly policy.
Guidance: Q3 net sales expected down 3-4% YoY; Q4 up 10-15%; full-year gross margin goal of 36-37%.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.7

Karat Packaging Inc. reported the first six months of 2023 results: revenue $204.5 million. Guidance initiated.

Period: the first six months of 2023
Revenue: $204.5 million
Guidance: initiated
Result: reported results

Exact text from the filing

Net sales for the first six months of 2023 decreased 7.2 percent to $204.5 million, from $220.3 million in the same period last year.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Karat Packaging Inc. reported the quarter ended June 30, 2023 results: revenue $108.7 million, net income $10.7 million, EPS $0.53 per diluted share. Guidance initiated.

Period: the quarter ended June 30, 2023
Revenue: $108.7 million
Net income: $10.7 million
EPS: $0.53 per diluted share
Guidance: initiated
Result: reported results

Exact text from the filing

Karat Packaging Inc. (Nasdaq: KRT) (“Karat” or the “Company”), a specialty distributor and manufacturer of environmentally friendly, disposable foodservice products and related items, today announced financial results for its quarter ended June 30, 2023. Second Quarter 2023 Highlights • Quarterly net sales of $108.7 million, down 5.3 percent from the prior-year quarter. • Gross profit of $41.9 million, up 23.3 percent from the prior-year quarter. • Gross margin of 38.5 percent versus 29.6 percent in the prior-year quarter. • Net income of $10.7 million, up 48.3 percent from the prior-year quarter. • Net income margin of 9.8 percent versus 6.3 percent in the prior-year quarter. • Adjusted EBITDA of $21.1 million, up $9.3 million, or 78.6 percent from the prior-year quarter. • Adjusted EBITDA margin of 19.4 percent versus 10.3 percent in the prior-year quarter.

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Source: SEC EDGAR

accession 0001628280-23-028583

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