Karat Packaging Q3 net income up 48.5%; dividend doubled to $0.20/share

Karat Packaging Inc.

2023-Q3 EPS reported $1.43 revenue$310,069,000

Net sales $105.5M (-4.1% YoY); net income $9.1M (+48.5%); diluted EPS $0.45 vs $0.31.
Gross margin 36.9% vs 31.1% (+580 bps); ocean freight cost dropped to 7.9% of sales from 14.8%.
Adjusted EBITDA $15.2M (+29.6%); margin 14.4% vs 10.7%.
Board increased quarterly cash dividend to $0.20 per share (100% increase).
Q4 net sales guided +2-5% YoY; full-year gross margin target 37.5%-38.5%.

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 0.9

Karat Packaging Inc. reported third quarter ended September 30, 2023 results: revenue $105.5 million, net income $9.1 million, EPS $0.45 per diluted share. Guidance reaffirmed.

Period: third quarter ended September 30, 2023
Revenue: $105.5 million
Net income: $9.1 million
EPS: $0.45 per diluted share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

and related items, today announced financial results for its third quarter and nine-months ended September 30, 2023. Third Quarter 2023 Highlights • Quarterly net sales of $105.5 million, down 4.1 percent from the prior year quarter. • Gross profit of $38.9 million, up 14.0 percent from the prior year quarter. • Gross margin of 36.9 percent versus 31.1 percent in

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Source: SEC EDGAR

accession 0001628280-23-038255

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