Turning Point Brands, Inc. (NYSE:TPB) Q1 2023 Earnings Conference Call May 3, 2023 10:00 AM ET

Company Participants

Louie Reformina - CFO

Graham Purdy - CEO

Summer Frein - Chief Revenue Officer

Conference Call Participants

Viktor Meier - Cowen

Eric Des Lauriers - Craig-Hallum

Hale Holden - Barclays

Operator

Good morning, and welcome to the Turning Point Brands First Quarter 2023 Earnings Conference Call. All participants will be in a listen-only mode and 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 and please note 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 at Turning Point Brands President and CEO, Graham Purdy; and Chief Revenue Officer, Summer Frein. This morning, we issued a news release covering our first quarter results. This release is located in the IR section of our website, www.turningpointbrands.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 our strategic plan. As is customary, 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 Securities and Exchange Commission.

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 the reasons why management believes that they produce 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 first quarter results were in line with our expectations and we are generally pleased with our start to 2023, as we are beginning to see traction from the initiatives we have put in place and consumers are responding as demonstrated by market share gains in all of our major categories.

As we mentioned on our last call, we anticipated a tough comparison to Q1 of last year. Recall the macro environment, principally inflation started materially impacting our customers in the second quarter of 2022. Our results reflect an uncertain consumer environment where many of our end consumers continue to feel the impacts of prolonged inflation and higher interest rates.