Turning Point Brands, Inc. (NYSE:TPB) Q2 2023 Earnings Conference Call August 2, 2023 10:00 AM ET
Company Participants
Louie Reformina - CFO
Graham Purdy - CEO
Summer Frein - Chief Revenue Officer
Conference Call Participants
Vivien Azer - TD Cowen
Michael Legg - The Benchmark Company
Eric Des Lauriers - Craig-Hallum
Operator
Good morning, and welcome to the Turning Point Brands' Second Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. All lines have been placed on mute to prevent any background noise. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. Please note that this event is being recorded.
I would now like to turn the conference over to Louie Reformina, Chief Financial Officer. Please go ahead.
Louie Reformina
Thank you. Good morning, everyone. This is Louie Reformina, Chief Financial Officer. Joining me are Turning Point Brands' President and CEO, Graham Purdy; and Chief Revenue Officer, Summer Frein. This morning, we issued the news release covering our second quarter results. This release is located in the IR section of our website, www.turningtpointbrands.com. During this call, we will discuss our consolidated and segment operating results and provide a perspective on the operating environment and our progress against the strategic plan.
As discussed, may I direct your attention to the discussion of forward-looking and cautionary statements in today's press release and the risk factors in our filings with the SEC. On the call today, we will reference certain non-GAAP financial measures. These measures and reconciliations to GAAP can be found in today's earnings release, along with reasons why management believes that they provide useful information.
I will now turn the call over to our CEO, Graham Purdy.
Graham Purdy
Thanks, Louie. Good morning, everyone, and thank you for joining our call. Our second quarter results demonstrated continued progress against our plan. During the June quarter, we showed revenue growth of both Stoker's and Zig-Zag as we continue to gain traction from the initiatives we put in place and consumers are responding as demonstrated by market share gains in most of our major categories.
Given our solid start to the year, we are raising our annual EBITDA guidance to $90 million to $95 million. Of course, our business like many other consumer oriented companies is not without challenges. Our results continue to reflect the impacts of prolonged inflation and higher interest rates. As we've shared previously, our wholesale customers, particularly buyers of our Zig-Zag paper and wraps portfolio have been carefully monitoring inventory levels in response to the higher cost of financing their working capital.