Zig-Zag Segment Stable, Says CEO As Turning Point Reports Profit Increase And 6.1% YoY Drop In Q4 Net Sales
Maker of Zig-Zag rolling paper Turning Point Brands, Inc. (NYSE:TPB) announced its financial results on Wednesday for the fourth quarter and full year ended Dec. 31, 2023.
Graham Purdy, president and CEO, praised the quarterly results.
“Our fourth quarter results were at the high end of our expectations,” Purdy said. “The Zig-Zag segment was stable from the previous year excluding the impact of a discontinued product line and is well positioned to return to growth in 2024. We also had strong free cash flow generation during the year allowing us to build a cash balance to address the remaining principal amount of our convertible notes at maturity in July.”
Q4 2023 vs. Q4 2022 Financial Highlights
Total consolidated net sales …