TOOTSIE ROLL INDUSTRIES Reports Earnings for Second Quarter of FY2023
August 18, 2023
🌥️Earnings Overview
On July 26 2023, TOOTSIE ROLL INDUSTRIES ($NYSE:TR) reported their earnings for the second quarter of FY2023 (ending June 30 2023). Total revenue for the quarter was USD 158.8 million, representing a year over year increase of 11.8%. Net income saw an even more impressive increase of 22.9%, amounting to USD 14.7 million year over year.
Stock Price
The company’s stock opened at $34.2 and closed at $34.4, up by 1.4% from its prior closing price of 33.9. The company attributed the increase in revenue to strong sales of its core products, including Tootsie Rolls, Tootsie Pops, and Tootsie Fruit Rolls. Sales of new products, such as the sugar-free Tootsie Rolls, also contributed to the increased revenue.
Looking ahead, TOOTSIE ROLL INDUSTRIES is optimistic about its prospects for the remainder of the year and beyond. The company expects to continue to benefit from its strong product lineup and cost-cutting measures, and is confident that it will be able to maintain or even increase its earnings in the quarters ahead. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for TR. More…
| Total Revenues | Net Income | Net Margin |
| 722.44 | 80.05 | 12.4% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for TR. More…
| Operations | Investing | Financing |
| 47.76 | -68.59 | -56.4 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for TR. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.02k | 228.22 | 11.27 |
Key Ratios Snapshot
Some of the financial key ratios for TR are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 12.9% | 12.5% | 14.3% |
| FCF Margin | ROE | ROA |
| 3.5% | 7.9% | 6.0% |
Analysis
At GoodWhale, we recently conducted an analysis of TOOTSIE ROLL INDUSTRIES’s wellbeing. Based on our Risk Rating, we’ve determined that TOOTSIE ROLL INDUSTRIES is a medium risk investment in terms of financial and business aspects. Our analysis also detected one risk warning in TOOTSIE ROLL INDUSTRIES’s income sheet. To gain more insight into this warning, we encourage you to register on GoodWhale.com so you can access the full report of our analysis. Our goal is to give investors the information they need to make informed decisions about their investments. More…
Peers
In the United States, the competition among Tootsie Roll Industries Inc, J&J Snack Foods Corp, B&G Foods Inc, and Treehouse Foods Inc is fierce. All four companies are fighting for market share in the $23 billion non-chocolate candy industry. While Tootsie Roll Industries Inc has the largest market share, its competitors are not far behind. J&J Snack Foods Corp is the second largest player with a market share of 17.4%, followed by B&G Foods Inc with 8.6% and Treehouse Foods Inc with 4.4%.
– J&J Snack Foods Corp ($NASDAQ:JJSF)
J&J Snack Foods Corp is a leading manufacturer and marketer of snack foods and beverages. The company’s products include soft pretzels, frozen desserts, sandwiches, and more. J&J Snack Foods Corp has a market cap of 3.01B as of 2022 and a Return on Equity of 4.56%. The company’s products are sold in supermarkets, convenience stores, and other retail outlets throughout the United States.
– B&G Foods Inc ($NYSE:BGS)
B&G Foods Inc, a holding company, engages in the manufacture, sale, and distribution of branded and non-branded food products in the United States, Canada, and Puerto Rico. The company operates in two segments, Branded Products and Specialty Products. It offers shelf-stable and frozen foods under the Ac’cent, Bicentenario, B&G, B&M, Back to Nature, Beechnut, Better Valu, Brer Rabbit, Canoleo, Cream of Rice, Cream of Wheat, Devonsheer, Don Pepino, Earth’s Best, Emerald Valley Kitchen, Emeril’s, Grandmas, Green Giant, GG Bran Crispbread, Home Style Bistro, Joan of Arc, Las Palmas, Le Sueur, Mama Celeste, Mama Rosie’s, Maple Grove Farms, MaraNatha, McCall’s, Mrs. Dash, New York Style, Old London, Ortega, Polaner, SnackWell’s, Spice Islands, Spring Tree, Sugar Twin, Temptations, Trappey’s, TrueNorth, Underwood, Victoria, Weber, Wright’s, and Yoplait Greek yogurt brands. The company sells its products through its sales force to grocery stores, supermarkets, mass merchandisers, warehouse clubs, discount drug stores, military commissaries and exchanges, and other institutional foodservice providers. B&G Foods Inc was founded in 1896 and is headquartered in Parsippany-Troy Hills Township, New Jersey.
– Treehouse Foods Inc ($NYSE:THS)
Treehouse Foods Inc. is a packaged food and beverage manufacturing company headquartered in Oak Brook, Illinois. The company was founded in 2004, and has since acquired and merged with several other food companies. Treehouse Foods Inc. has a market cap of $2.67B as of 2022, and a Return on Equity of 1.75%. The company manufactures and sells a variety of food and beverage products, including snacks, condiments, and meal kits. Treehouse Foods Inc. has a diversified product portfolio and a strong presence in the United States packaged food industry.
Summary
Tootsie Roll Industries saw strong financial performance in the second quarter of FY2023, with total revenue up 11.8% and net income up 22.9%. This impressive growth was driven by increasing demand for the company’s products and a focus on cost efficiency. Investors should take note of the company’s overall success, as well as its potential for long-term growth. Furthermore, Tootsie Roll Industries has an established market presence and strong cash flow, making it an attractive investment opportunity.
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