Loading...
•
Mar 31, 2021
Tootsie Roll Q1 2021 Earnings Report
Tootsie Roll Industries reported a decrease in net sales and net earnings for Q1 2021.
Key Takeaways
Tootsie Roll Industries reported a slight decrease in net sales and net earnings for the first quarter of 2021 compared to the same period in 2020. Net sales decreased by 1% to $101,795,000, and net earnings decreased to $10,767,000, with earnings per share at $0.16.
Net sales for Q1 2021 were $101,795,000, a 1% decrease compared to $102,803,000 in Q1 2020.
Net earnings for Q1 2021 were $10,767,000, compared to $11,982,000 in Q1 2020.
Earnings per share for Q1 2021 were $0.16, a decrease from $0.17 in Q1 2020.
The Covid-19 pandemic continued to adversely affect net sales due to curtailed access to certain trade channels and changes in consumer behavior.
Tootsie Roll
Tootsie Roll
Forward Guidance
The company is unable to determine the effects of the Covid-19 pandemic, including current and developing variants, on sales and net earnings in 2021 and beyond.
Positive Outlook
- Continuing investments in plant manufacturing operations to meet new consumer and customer demands
- Aiming to achieve product quality improvements
- Seeking to increase operational efficiencies
- Focused on providing genuine value to consumers
Challenges Ahead
- Effects of the Covid-19 pandemic, including current and developing variants, are unprecedented
- Unable to determine its effects on sales
- Unable to determine its effects on net earnings in 2021
- Unable to determine its effects on sales beyond 2021
- Unable to determine its effects on net earnings beyond 2021