Tootsie Roll Industries(US:TR)2024-07-25 15:00Sales 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].