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Turning Point Brands, Inc. (NYSE:TPB), a maker of branded consumer products, including alternative smoking accessories and consumables with active ingredients, reported its financial results on Thursday for the second quarter ended June 30, 2024.
Adjusted EBITDA for the quarter came in positive at $27 million, representing a year-over-year improvement of 7%. That said, Turning Point has increased its full-year 2024 adjusted EBITDA guidance to $98 to $102 million.
"We were pleased by our second quarter results," Graham Purdy, president and CEO said. "We achieved our highest quarterly EBITDA since the second quarter of 2021."
Read Also: Zig-Zag Rolling Paper Sales Made 48% Of Total Turning Point Brands Sales In First Quarter
Zig-Zag and Stoker's Products net sales for the period Increased 13% year-over-year, the company said. "We believe Zig-Zag is on a sustainable growth trajectory, and Stoker's MST continues to grow market share," Purdy continued.
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Turning Point Brands' shares traded 1.92% higher at $38.44 per share at the time of writing on Thursday morning.
Posted In: TPB