Why Turning Point Brands Stock Plunged 19.6% Today
Shares of tobacco company Turning Point Brands (NYSE: TPB) fell as much as 26.2% in trading on Wednesday after the company reported second-quarter 2022 financial results. Shares closed the day down 19.6%.
Net sales fell a whopping 16.1% to $102.9 million as NewGen segment sales dropped 45.1% to $23.1 million. Net income was down 64.7% to $5.4 million, or $0.70 per share. Management said it was happy with the Zig-Zag and Stoker segments during the quarter as sales were down 2.1% and up 0.7%, respectively. The Zig-Zag, Stoker, and NewGen segments represented 45%, 33%, and 22% of total net quarterly sales, respectively.
Analysts were expecting earnings of $0.66 per share, so the company beat expectations on the bottom line, but the top line was a slight miss against expectations.
Source Fool.com
