KRT - Karat Packaging GAAP EPS of $0.45 beats by $0.15 revenue of $95.8M beats by $0.86M

May, 10 2023 04:33 PM Karat Packaging Inc.

2023-05-10 16:33:31 ET

Karat Packaging press release ( NASDAQ: KRT ): Q1 GAAP EPS of $0.45 beats by $0.15 .
Revenue of $95.8M (-9.1% Y/Y) beats by $0.86M .
Gross profit of $38.1 million, up 12.2 percent from the prior-year quarter.
Record gross margin of 39.8 percent, an improvement of 730 basis points over the prior-year quarter
Net income of $9.2 million, up 15.6 percent from the prior-year quarter.
Net income margin of 9.6 percent versus 7.5 percent in the prior-year quarter.
Strong quarterly operating cash flow of $14.2 million.
Adjusted EBITDA of $15.3 million, up 17.6 percent from the prior-year quarter
Adjusted EBITDA margin of 15.9 percent, versus 12.3 percent in the prior-year quarter.
2023 Guidance
Reiterate net sales for the 2023 full year expected to increase by high single digits.
Gross margin goal for the 2023 full year: 32 percent to 33 percent.
Eco-friendly product sales goal for the 2023 full year: 35 percent of total sales.
Net sales for the 2023 second quarter expected to be 5 percent lower, primarily due to price reductions, compared with the prior year period.

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