Tag: Turning Point Brands

  • Sales and Profit up at Turning Point Brands

    Sales and Profit up at Turning Point Brands

    Photo: Tobacco Reporter archive

    Turning Point Brands (TPB) announced its second-quarter results and increased its 2020 guidance.

    Net sales increased 12.5 percent to $105 million, and gross profit increased 16.8 percent to $48.1 million. Net income decreased $4 million to $9.2 million, reflecting the inclusion of expensing premarket tobacco product application (PMTA) costs incurred during the current quarter compared to the net gain related to a settlement from the V2 winddown in the previous year’s quarter. Adjusted EBITDA increased 24.8 percent to $22.8 million.

    Absent any further acquisitions, the company projects 2020 net sales to be $370 million to $382 million (up from previous guidance of $338 million to $353 million). It projects 2020 adjusted EBITDA of $78 million to $83 million (up from previous guidance of $69 million to $75 million). Its projections assume no upside from the PMTA process in 2020.

  • Turning Point Brands to Deliver Free Sanitizer

    Turning Point Brands to Deliver Free Sanitizer

    Turning Point Brands (TPB) repurposed select manufacturing infrastructure to produce free hand sanitizer for communities in California, Kentucky and Tennessee.

    TBD division Nu-X distributed the first few thousand hand sanitizer bottles and bulk gallons this Tuesday in an emergency production run to the UCLA Ronald Reagan Medical Center. “We saw an opportunity to contribute and help. We hope other companies with the capacity to do so will do the same,” said Lorenzo De Plano, senior director of Nu-X.

    TPB will have two vans delivering Nu-X products around the Los Angeles area every day until all available inventory is depleted. The company is also looking for opportunities to provide needed materials to other organizations out of its Louisville, Kentucky, facility. Hospitals and elderly homes will have priority of hand sanitizer products. All hand sanitizer bottles produced will be under the brand Nu-X and will not be for resell purposes.

    “Our company takes very seriously our role in providing support to the communities where we operate. We hope that through this action we can both help those impacted by the Covid-19 situation and inspire others to act,” said Larry Wexler, president and CEO of TPB.