Tootsie Roll Q3 2024 Earnings Report
Key Takeaways
Tootsie Roll Industries reported a decrease in net sales and net earnings for the third quarter of 2024. Net sales decreased by 10% to $223.89 million, and net earnings decreased to $32.84 million, with earnings per share at $0.46. The company faced a challenging market as customers became more resistant to higher price realization.
Third quarter net sales decreased by 10% compared to the same period in 2023.
Third quarter net earnings decreased, with earnings per share down by 4%.
Sales were affected by the timing of sales between the third and fourth quarters.
Net earnings benefited from increased investment income, higher leasing revenue, and favorable foreign exchange.
Tootsie Roll
Tootsie Roll
Forward Guidance
Cocoa and chocolate costs have moved significantly higher in the markets this year, and we expect these increases to continue to have some adverse effects on our input costs and margins in fourth quarter 2024 and 2025.