Turning Point Brands slips after CEO resignation, cut in earnings forecast

Turning Point Brands

17/10/2022 13:58

** Shares of Stoker's chewing tobacco maker Turning Point
Brands  TPB.N  down 2.6% at $20.50 premarket    
    ** Co announces resignation of CEO Yavor Efremov; Chief
Operating Officer Graham Purdy to take over top job
    ** Cuts FY adj. EBITDA forecast to $96 mln-$99 mln, from $97
mln-$103 mln 
    ** Also cuts FY sales forecast for its Zig-Zag rolling paper
brand for second time in less than three months; now expects
sales of $186 mln-$191 mln, compared to prev. outlook of $193
mln-$200 mln
    ** TPB shares down 29.4% since cutting sales forecast for
Zig-Zag in late July 
    ** Stock down over 44% YTD
 (Reporting by Uday Sampath in Bengaluru)
 ((UdaySampath.Kumar@thomsonreuters.com; Twitter: https://twitter.com/sampath_uday
  ;))