Karat Packaging Q1 net income down 29% to $6.5M; raises dividend to $0.35/share

Karat Packaging Inc.

2024-Q1 EPS reported $0.31 revenue$95,613,000

Net sales $95.6M flat YoY; net income $6.5M vs $9.2M, includes $1.5M impairment charge.
Adjusted EBITDA $13.5M vs $15.3M; adjusted EPS $0.40 vs $0.46.
Dividend raised to $0.35/share (+17%) payable May 24 to holders of record May 17.
Eco-friendly product sales grew 5.6% to 34.5% of total sales.
FY 2024 net sales guidance 8-15% growth; Q2 mid-single digit growth expected.

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 2024 first quarter ended March 31, 2024 results: revenue $95.6 million, net income $6.5 million, EPS $0.31 per diluted share. Guidance initiated.

Period: 2024 first quarter ended March 31, 2024
Revenue: $95.6 million
Net income: $6.5 million
EPS: $0.31 per diluted share
Guidance: initiated
Result: reported results

Exact text from the filing

foodservice products and related items, today announced financial results for its 2024 first quarter ended March 31, 2024. First Quarter 2024 Highlights • Net sales of $95.6 million, versus $95.8 million in the prior-year quarter. • Gross profit of $37.6 million, versus $38.1 million in the prior-year quarter. • Gross margin of 39.3 percent versus 39.8

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Source: SEC EDGAR

accession 0001628280-24-022235

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