Every material Form 8-K Tootsie Roll Industries filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Tootsie Roll said its Board revoked a 2018 authorization on December 3, 2024, that had aimed to preserve tax deductions on certain nonqualified deferred compensation plans. As a result, the company expects to write off related deferred tax assets, creating a non-cash tax charge of approximately $11 million to $12 million in fourth quarter 2024. The company does not expect future cash expenditures from the write-off, though it will be unable to deduct certain deferred compensation payments against future taxable income.
Non-cash tax charge expected at approximately $11 million to $12 million in fourth quarter 2024
Board revoked its December 28, 2018 authorization on December 3, 2024
Charge will be reflected in the 2024 annual report on Form 10-K
No future cash expenditures expected from the write-off, other than inability to deduct certain deferred compensation payments
Tootsie Roll reported third-quarter 2024 net sales of $223.9 million, down 10% from a year earlier, and net earnings of $32.8 million, down from $34.4 million. Management blamed customer resistance to higher prices and the timing of sales between the third and fourth quarters, and said rising cocoa and chocolate costs are expected to keep pressuring input costs and margins in the fourth quarter of 2024 and in 2025.
Q3 2024 net sales were $223,891,000 versus $248,336,000 in Q3 2023, a decrease of 10%.
Q3 2024 net earnings per share were $0.46 versus $0.48, a decrease of $0.02 or 4%.
Nine-month 2024 net sales fell 8% to $524,174,000, while nine-month EPS rose 3% to $0.90 from $0.87.
Management expects higher cocoa and chocolate costs to continue weighing on input costs and margins in Q4 2024 and 2025.
Tootsie Roll reported second quarter 2024 net sales of $148.8 million, down 6% from a year earlier, while net earnings rose to $15.6 million and earnings per share rose 10% to $0.22. The company cited customers' resistance to higher prices and customer inventory adjustments for lower sales, and said higher cocoa and chocolate costs are expected to weigh on margins in the second half of 2024 and in 2025.
Q2 2024 net sales were $148,819,000, down $10,018,000 or 6% from $158,837,000 in Q2 2023.
Q2 2024 net earnings were $15,640,000 versus $14,726,000; EPS was $0.22 versus $0.20.
First half 2024 net sales were $300,283,000, down 6%, while first half EPS rose to $0.44 from $0.39.
The company expects higher cocoa and chocolate costs to have adverse effects on input costs and margins in the second half of 2024 and in 2025.
Tootsie Roll reported first quarter 2024 net sales of $151.5 million, down $9.2 million or 6% from a year earlier, while net earnings rose to $15.8 million and earnings per share rose to $0.22 from $0.19. The company said customers resisted higher prices, seasonal sales timing and customer inventory adjustments hurt sales, and it expects rising cocoa and chocolate costs to weigh on input costs and margins in 2024 and 2025.
Net sales were $151,464,000 versus $160,711,000 in Q1 2023, a decrease of $9,247,000 or 6%.
Net earnings were $15,834,000 versus $13,401,000, and EPS was $0.22 versus $0.19, an increase of 16%.
Effective income tax rate was 21.4% versus 23.8% a year earlier, with lower state income taxes a contributing factor.
Management expects cocoa and chocolate cost increases to have adverse effects on input costs and margins in 2024 and 2025.
Tootsie Roll reported fourth-quarter 2023 net sales of $195.4 million, up 4% from a year earlier, and net earnings of $29.4 million, with earnings per share of $0.42 versus $0.36. For the full year, net sales rose 12% to $763.3 million and earnings per share were $1.32 versus $1.07. Management said significantly higher input costs offset much of the benefit of the higher sales, and that margins have not yet returned to historical levels.
Q4 2023 net sales were $195,368,000 versus $188,180,000 in Q4 2022, an increase of 4%.
Q4 2023 net earnings were $29,403,000 versus $25,344,000; EPS was $0.42 versus $0.36, up 17%.
Full-year 2023 net sales were $763,252,000, up 12%; net earnings were $91,912,000 and EPS was $1.32 versus $1.07.
Management said higher ingredient, packaging and labor costs offset much of the sales benefit, and gross profit margins have not yet been restored to historical levels.
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