Sales and Revenue Performance - Net product sales decreased by 6.3% to $148,819 in Q2 2024 compared to $158,837 in Q2 2023, with domestic sales representing 92.3% of total sales[52] - Adjusted earnings from operations decreased by 8.9% to $17,927 in Q2 2024, with unfavorable results from the Mexican subsidiary partially offset by higher price realization[59] - Net earnings attributable to Tootsie Roll Industries, Inc. increased by 10.0% to $15,640 in Q2 2024, with earnings per share rising to $0.22[64] Cost Management and Efficiency - Adjusted product cost of goods sold decreased by 6.7% to $99,610 in Q2 2024, with gross profit margins benefiting from higher price realization and improved manufacturing efficiencies[53] - Selling, marketing, and administrative expenses decreased by 1.5% to $32,670 in Q2 2024, but increased as a percentage of net product sales to 22.0% due to lower sales[56] - Customer freight and delivery expenses decreased by 10.3% to $13,839 in Q2 2024, reflecting a more competitive freight market[57] Financial and Tax Performance - Other income, net increased to $4,900 in Q2 2024, driven by higher investment income on available-for-sale securities and favorable foreign exchange gains[62] - The consolidated effective tax rate decreased to 23.1% in Q2 2024, contributing to higher net earnings[63] - Net cash flows provided by operating activities were $8,777 in the first half of 2024, a favorable increase of $13,919 compared to $(5,142) in the first half of 2023[77] Pension and Employee Benefits - The Bakery and Confectionery Union and Industry International Pension Fund remains in "critical and declining status," with a funded percentage of 47.0% as of January 1, 2023[67] - The funded percentage of the Plan as of January 1, 2023, was 43.6% based on market value, down from 47.0% based on actuarial values[68] - The number of current active employee Plan participants as of January 1, 2023, fell 1% from the previous year and 6% over the past two years[68] - The Company's withdrawal liability would have been $102,200, $96,000, and $104,300 if it had withdrawn from the Plan during 2023, 2022, and 2021, respectively[69] - The Company's pension expense for the Plan in the first half of 2024 was $1,770, compared to $1,951 in the first half of 2023[72] - The Plan was granted approximately $3.4 billion in Special Financial Assistance funds in July 2024[73] Investments and Financial Position - The Company's current ratio was 3.7 to 1 at June 30, 2024, compared to 3.6 to 1 at December 31, 2023[80] - The Company's aggregate cash and cash equivalents and short and long-term investments were $423,894 at June 30, 2024[81] - Net unrealized loss on available for sale investments was approximately $1,600 at June 30, 2024, compared to $7,200 at June 30, 2023, reflecting the impact of rising market interest rates[82] - The company expects to hold most available for sale securities to maturity, anticipating minimal realization of unrealized losses[82] Supply Chain and Market Risks - The company has entered into longer-range supply contracts for cocoa and chocolate needs in 2024 and much of 2025 to mitigate supply risks and cost increases[87] - The cocoa and chocolate markets have reached unprecedented highs, posing a significant risk for the intermediate and possibly longer term[87] - The company's ingredient and packaging costs experienced significant increases in 2022 and 2023, with cocoa and chocolate markets remaining volatile[87] - The company's market risks, other than cocoa and chocolate, have not materially changed since the disclosures in the 2023 Form 10-K[89] Capital Expenditures and Future Plans - The Company is evaluating a plant expansion with an estimated total cost of $70,000 to $80,000 over the next five years[78] VEBA Trust and Employee Benefits Funding - The VEBA trust held $19,436 in cash and cash equivalents at June 30, 2024, up from $19,126 at December 31, 2023, and $1,942 at June 30, 2023[83] - The company added $20,000 in additional funding to the VEBA trust in 2023, with no contributions made during the first half of 2024[83] Foreign Exchange and Interest Rate Risks - The company is exposed to exchange rate fluctuations in the Canadian dollar, Mexican peso, and euro due to operations in Canada, Mexico, and Spain[88] - The company invests primarily in corporate bonds with an average maturity of three to five years to manage interest rate risk[88]

Sales Performance - Second quarter 2024 net sales were $148,819,000, a decrease of $10,018,000 or 6% compared to $158,837,000 in second quarter 2023[12]. - First half 2024 net sales totaled $300,283,000, down $19,265,000 or 6% from $319,548,000 in first half 2023[7]. Earnings Performance - Second quarter 2024 net earnings increased to $15,640,000, up from $14,726,000 in second quarter 2023, representing a 6.2% increase[12]. - First half 2024 net earnings were $31,474,000, compared to $28,127,000 in first half 2023, an increase of 8.3%[7]. - Net earnings per share for second quarter 2024 were $0.22, up from $0.20 in second quarter 2023, a 10% increase[12]. - First half 2024 net earnings per share were $0.44, compared to $0.39 in first half 2023, an increase of 12.8%[7]. Tax and Cost Management - The company's effective income tax rates decreased to 23.1% in second quarter 2024 from 24.7% in second quarter 2023, contributing to higher net earnings[3]. - The company implemented price increases to recover margin declines due to rising input costs, particularly cocoa and chocolate[8]. Operational Focus - The company is focused on long-term investments in manufacturing operations to meet consumer demands and improve operational efficiencies[14]. - Lower sales volumes negatively impacted gross profit margins despite improvements in manufacturing efficiencies and favorable freight costs[13].

Core Viewpoint - Tootsie Roll Industries (NYSE: TR) is positioned as a defensive investment with a strong historical performance during market downturns, making it an attractive option amid potential market volatility [3][10][22]. Financial Performance - Tootsie Roll has shown a total return of 36.94% compared to the S&P 500's -15.19% over a specified period, indicating its resilience during market declines [4]. - The company's current price-to-earnings (P/E) ratio is approximately 23x, and its price-to-sales (P/S) ratio is around 2.8x, both of which are at the lower end of their historical ranges [14][23]. - Tootsie Roll's dividend yield stands at 1.15%, which is competitive compared to the S&P 500 ETF's yield of 1.26% [8][13]. Market Position and Valuation - Tootsie Roll's market capitalization is approximately $2.15 billion, with enterprise valuations on core EBITDA cash generation at 14.6x and sales at 2.6x, suggesting it is undervalued compared to larger competitors like Hershey and Nestlé [16][24]. - The company maintains a conservative balance sheet with net financial debt of -$150 million, contrasting sharply with Hershey's $4.8 billion and Nestlé's $59 billion in net debt [18][25]. Technical Analysis - Recent technical momentum indicates a potential upside breakout for Tootsie Roll, supported by positive indicators such as the Accumulation/Distribution Line and Chaikin Money Flow [20][21]. - A double bottom pattern may have formed over the past year, suggesting a bullish trend could be emerging [20]. Investment Thesis - Tootsie Roll is viewed as a strong defensive investment, particularly in light of potential market downturns, with a favorable valuation setup that could lead to significant outperformance [31][28].

Core Viewpoint - Troubadour Resources Inc. has executed an option agreement to acquire a 100% interest in 173 mineral claims of Xander Resources Inc.'s Senneville Project, which is strategically located in the Abitibi Greenstone Belt, Quebec, presenting significant exploration potential for gold and copper [1][4][7]. Company Overview - Troubadour Resources Inc. is focused on the acquisition and exploration of mineral properties, particularly in battery and precious metals, and is based in Vancouver, BC [11]. Project Details - The Senneville Project covers over 100 km² and is adjacent to significant mining operations, including Probe Metals' Novador Project and Monarch Mining's Beaufor Mine, which have substantial gold resources [2][4]. - Historical exploration at the Senneville Project has yielded high-grade gold samples, with grab samples showing up to 49.5 g/t Au and drilling results indicating up to 18.15 g/t Au over approximately 0.9 meters [5][6]. Strategic Importance - The acquisition of the Senneville Gold-Copper Property is seen as a strategic move to capitalize on the rising global demand for copper, driven by the green energy revolution and the growth of electric vehicles [7][8]. - The geological characteristics and historical data of the property suggest it has significant potential for exploration and development, positioning the company favorably in the expanding green energy sector [8]. Agreement Terms - Under the Option Agreement, Troubadour Resources may acquire the property by issuing a total of 5,000,000 common shares and completing $2,000,000 in work expenditures over a specified timeline [9]. - The agreement includes net-smelter returns royalties that the company will assume, which are 2% NSR to North American Exploration Ltd., Silverwater Capital Corp., and Terrance Coyle for various claims [10].

Financial Performance - Net product sales for Q1 2024 were $151,464, a decrease of $9,247 or 5.8% compared to Q1 2023[49] - Domestic net product sales decreased by 7.2% in Q1 2024, while foreign net product sales increased by 9.8%[49] - Adjusted earnings from operations increased by $1,257 or 7.3%, reaching $18,400 in Q1 2024 compared to $17,143 in Q1 2023[57] - Net earnings attributable to Tootsie Roll Industries, Inc. were $15,834 in Q1 2024, an increase from $13,401 in Q1 2023, with earnings per share rising to $0.22 from $0.19[62] Costs and Expenses - Adjusted product cost of goods sold decreased from $111,176 in Q1 2023 to $102,367 in Q1 2024, a decrease of $8,809 or 7.9%[50] - Selling, marketing, and administrative expenses were $38,918 in Q1 2024, an increase from $37,499 in Q1 2023[55] - Customer freight and delivery expenses decreased by $2,617 or 16.1% in Q1 2024 compared to Q1 2023[56] - The Company continues to monitor input costs and has implemented price increases to recover margin declines[54] Tax and Other Income - Other income, net for Q1 2024 was $9,032, compared to $4,780 in Q1 2023, reflecting gains on trading securities[58] - The consolidated effective tax rate decreased to 21.4% in Q1 2024 from 23.8% in Q1 2023[61] Cash Flow and Investments - Net cash flows from operating activities increased by $28,883, reaching $21,401 in Q1 2024 compared to $(7,482) in Q1 2023, primarily due to higher net earnings and favorable changes in working capital[75] - Cash used in investing activities was $(20,002) in Q1 2024, down from $5,495 in Q1 2023, reflecting significant purchases of available for sale securities totaling $27,297 in Q1 2024[76] Future Plans and Investments - The company plans a plant expansion with an estimated total cost of $70,000 to $80,000 over the next five years, primarily funded by cash flow from operations[76] - The company is focused on long-term investments in manufacturing operations to meet new consumer demands and improve operational efficiencies[73] Liquidity and Financial Position - The current ratio improved to 3.8:1 at March 31, 2024, compared to 3.6:1 at December 31, 2023, indicating strong liquidity[78] - Bank borrowings were $1,050 at March 31, 2024, slightly down from $1,060 at March 31, 2023, indicating stable debt levels[77] Employee Benefits and Trusts - The VEBA trust held $19,258 in cash and cash equivalents at March 31, 2024, compared to $3,917 at March 31, 2023, reflecting increased funding for employee benefits[81] - The company added $20,000 in funding to the VEBA trust in 2023, with no contributions made in Q1 2024[80] Market and Investment Risks - The net unrealized loss on available for sale investments decreased to approximately $2,200 at March 31, 2024, from $6,900 at March 31, 2023, due to rising market interest rates[79] - The company is unable to determine the ultimate outcome of the multi-employer union pension matter, which could materially affect future consolidated results[73]

TOOTSIE ROLL INDUSTRIES, INC. Exhibit 99.1 7401 South Cicero Avenue Chicago, IL 60629 Phone 773/838-3400 Fax 773/838-3534 PRESS RELEASE STOCK TRADED: NYSE TICKER SYMBOL: TR FOR IMMEDIATE RELEASE Wednesday, April 24, 2024 CHICAGO, ILLINOIS – April 24, 2024 - Ellen R. Gordon, Chairman, Tootsie Roll Industries, Inc. reported first quarter 2024 net sales and net earnings. First quarter 2024 net sales were $151,464,000 compared to $160,711,000 in first quarter 2023, a decrease of $9,247,000 or 6%. First quarter ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-1361 TOOTSIE ROLL INDUSTRIES, INC. (Exact name of Registrant as specified in its charter) Virginia 22-1318955 (State or other ju ...

Sales and Earnings Growth - Fourth quarter 2023 net sales increased by $7.188 million or 4% to $195.368 million compared to $188.180 million in Q4 2022[3] - Fourth quarter 2023 net earnings rose by $4.059 million or 17% to $29.403 million compared to $25.344 million in Q4 2022[3] - Twelve months 2023 net sales increased by $81.812 million or 12% to $763.252 million compared to $681.440 million in 2022[4] - Twelve months 2023 net earnings rose by $15.975 million or 23% to $91.912 million compared to $75.937 million in 2022[4] Cost and Margin Impact - Higher input costs for ingredients, packaging materials, labor, and manufacturing supplies significantly impacted gross profit margins in 2023[6] - The company implemented price increases to offset higher input costs and restore margins, though margins have not yet returned to historical levels[8] Supply Chain and Operations - Supply chain improvements were achieved in 2023 and are expected to continue throughout 2024[9] - The company continues to invest in plant manufacturing operations to meet new consumer demands and improve operational efficiencies[11] Foreign Exchange and Tax Rates - Unfavorable foreign exchange rates negatively affected 2023 net earnings, partially offset by favorable investment income[10] - Effective income tax rates were 21.8% in Q4 2023 and 23.4% for the full year 2023[10]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to COMMISSION FILE NUMBER 1-1361 Tootsie Roll Industries, Inc. (Exact Name of Registrant as Specified in its Charter) Virginia 22-1318955 (State of ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to COMMISSION FILE NUMBER 1-1361 Tootsie Roll Industries, Inc. (Exact Name of Registrant as Specified in its Charter) Virginia 22-1318955 (State of Inco ...