Tootsie Roll Industries Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Tootsie Roll Industries Inc. has filed its Q1 2024 10-Q, detailing financial positions and comprehensive income components.</b>

AI Summary

TOOTSIE ROLL INDUSTRIES INC (TROLB) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Tootsie Roll Industries Inc. filed its quarterly report on Form 10-Q for the period ended March 31, 2024. The filing includes financial data related to common stock, additional paid-in capital, and treasury stock as of various dates in 2022, 2023, and 2024. Comprehensive income components such as accumulated translation adjustment, net unrealized investment gain/loss, and commodity derivative gains/losses are detailed for Q1 2024, Q4 2023, Q1 2023, and Q4 2022. The report also specifies fair value disclosures for Level 2 inputs as of March 31, 2024. The company's fiscal year ends on December 31st.

Why It Matters

For investors and stakeholders tracking TOOTSIE ROLL INDUSTRIES INC, this filing contains several important signals. This 10-Q filing provides investors with the latest financial snapshot of Tootsie Roll Industries, Inc., crucial for understanding the company's performance and financial health in the first quarter of 2024. The detailed breakdown of equity accounts and comprehensive income components allows for analysis of changes in shareholder equity and the impact of market fluctuations on the company's financial statements.

Risk Assessment

Risk Level: low — TOOTSIE ROLL INDUSTRIES INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant negative developments, indicating a low level of immediate risk from this document alone.

Analyst Insight

Monitor future filings for revenue growth, net income trends, and any changes in debt levels to assess the company's ongoing financial performance.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q filing)
• 2024-05-09 — Filing Date (10-Q filing)
• 2023-12-31 — Previous Year End Date (Financial data reference)
• 2023-03-31 — Prior Year Q1 End Date (Financial data reference)

Key Players & Entities

• TOOTSIE ROLL INDUSTRIES INC (company) — Filer
• 2024-03-31 (date) — Period of report
• 2024-05-09 (date) — Filing date
• 0000098677 (company) — Central Index Key
• SUGAR & CONFECTIONERY PRODUCTS (industry) — Standard Industrial Classification
• VA (state) — State of Incorporation
• 1231 (date) — Fiscal Year End
• 10-Q (form) — Form Type

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with an update on the company's financial performance and position during the quarter.)

AdditionalPaidInCapital

The amount of capital contributed by shareholders in excess of the par value of the stock. (Reflects changes in equity due to stock issuance and other capital transactions.)

TreasuryStock

Shares of a company's own stock that it has repurchased. (Indicates potential share buyback programs or stock compensation plans.)

AccumulatedOtherComprehensiveIncome

A component of shareholders' equity that includes unrealized gains and losses on investments, foreign currency translation adjustments, and pension adjustments. (Shows the cumulative effect of certain gains and losses that are not included in net income.)

Key Financial Figures

• $0.694 — h registered: Common Stock, par value $0.694 per share TR New York Stock Exchang

Filing Documents

• tr-20240331x10q.htm (10-Q) — 1237KB
• tr-20240331xex31d1.htm (EX-31.1) — 13KB
• tr-20240331xex31d2.htm (EX-31.2) — 13KB
• tr-20240331xex32.htm (EX-32) — 13KB
• 0001558370-24-007567.txt (&nbsp;) — 5810KB
• tr-20240331.xsd (EX-101.SCH) — 27KB
• tr-20240331_cal.xml (EX-101.CAL) — 56KB
• tr-20240331_def.xml (EX-101.DEF) — 160KB
• tr-20240331_lab.xml (EX-101.LAB) — 317KB
• tr-20240331_pre.xml (EX-101.PRE) — 231KB
• tr-20240331x10q_htm.xml (XML) — 1185KB

Financial Statements

Financial Statements Condensed Consolidated Statements of Financial Position 3-4 Condensed Consolidated Statements of Earnings and Retained Earnings 5 Condensed Consolidated Statements of Comprehensive Earnings 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 8-15 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 15-20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 20 Item 4.

Controls and Procedures

Controls and Procedures 21 Part II — Other Information Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 22 Item 6. Exhibits 23

Signatures

Signatures 23 This Quarterly Report on Form 10-Q contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. See "Forward-Looking Statements" under Part I — Item 2 "Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Quarterly Report on Form 10-Q. 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS TOOTSIE ROLL INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (in thousands) (Unaudited) March 31, 2024 December 31, 2023 March 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 64,886 $ 75,915 $ 37,992 Restricted cash 367 375 369 Investments 94,475 95,507 85,880 Accounts receivable trade, less allowances of $ 2,543 $ 2,245 and $ 2,546 44,257 55,568 59,392 Other receivables 6,412 9,165 3,707 Inventories: Finished goods and work-in-process 61,498 51,240 63,610 Raw materials and supplies 46,775 43,681 45,637 Prepaid expenses 9,870 9,200 7,909 Total current assets 328,540 340,651 304,496 PROPERTY, PLANT AND EQUIPMENT, at cost: Land 21,864 21,862 21,752 Buildings 144,966 144,949 142,542 Machinery and equipment 485,012 485,265 468,202 Construction in progress 14,182 11,277 8,535 Operating lease right-of-use assets 6,896 7,145 4,631 672,920 670,498 645,662 Less - accumulated depreciation 451,829 447,520 433,718 Net property, plant and equipment 221,091 222,978 211,944 OTHER ASSETS: Goodwill 73,237 73,237 73,237 Trademarks 175,024 175,024 175,024 Investments 278,953 255,606 252,888 Prepaid expenses and other assets 14,921 15,189 450 Deferred income taxes 1,687 1,706 1,574 Total other assets 543,822 520,762 503,173 Total assets $ 1,093,453 $ 1,084,391 $ 1,019,613 (The accompanying notes are an integral part of these statements.) 3 Table of Contents (in thousands except per share data) (Unaudited) March 31, 2024 December 31, 2023 March 31, 2023 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 17,200 $ 15,816 $ 21,706 Bank loans 1,050 1,088 1,060 Dividends payable 152 6,250 250 Accrued liabilities 55,026 61,690 52,928 Postretirement health care benefits 665 66

View Full Filing

View this 10-Q filing on SEC EDGAR