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Mar 31, 2022
Tootsie Roll Q1 2022 Earnings Report
Tootsie Roll Industries reported Q1 2022 earnings with increased net sales and net earnings.
Key Takeaways
Tootsie Roll Industries reported a strong first quarter in 2022, with net sales increasing by 37% to $139,291,000 compared to $101,795,000 in the first quarter of 2021. Net earnings also increased to $12,027,000, up from $10,767,000 in the same period last year, resulting in net earnings per share of $0.17 compared to $0.15 in the previous year.
Net sales for Q1 2022 increased by 37% compared to Q1 2021, reaching $139,291,000.
Net earnings for Q1 2022 rose to $12,027,000, up from $10,767,000 in Q1 2021.
Net earnings per share increased to $0.17 in Q1 2022, compared to $0.15 in Q1 2021.
Sales growth was driven by increased demand, effective sales and marketing programs, and economic recovery from the Covid-19 pandemic.
Tootsie Roll
Tootsie Roll
Forward Guidance
The Company expects higher input costs to continue through the balance of 2022. The Company is unable to determine the related effects on its sales and net earnings in 2022 and beyond due to the effects of the Covid-19 pandemic, including variants and sub-variants.