Turning Point Brands: Net Income Down

Source from:  Tobacco Reporter 11/05/2019

Turning Point Brands reported net sales of $96.8 million in the third quarter that ended Sept. 30, up 16.1 percent from that in the comparable 2018 quarter.

Gross profit increased 18.2 percent to $42.8 million, but net income decreased $1.7 million to 6.3 million.

“Vaping headlines dramatically disrupted our third-party vaping distribution business starting in mid-August,” said Larry Wexler, president and CEO of Turning Point Brands.

“While third-party vaping saw a step function down in the quarter, we produced strong quarterly performance in the smokeless and smoking segments. We have proactively taken steps to address weakness in the third-party vaping distribution business.”  Enditems