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Karat Packaging Inc. (Nasdaq: KRT) is a leading distributor and manufacturer of disposable foodservice products, primarily targeting national and regional restaurants across the United States. Founded in 2000 by Alan Yu and Marvin Cheng, the company has evolved from a bubble tea café in San Gabriel, California, to a wide-reaching provider of high-quality foodservice products under brands like Karat®, Karat Earth®, and Tea Zone®.
Karat Packaging offers a broad range of products, including food and take-out containers, tableware, cups, lids, cutlery, straws, and specialty beverage ingredients. These products come in various forms such as plastic, paper, and eco-friendly materials, ensuring that the company can meet the diverse needs of its clients. The company is also committed to sustainability through its Karat Earth® line, which features products made from renewable resources.
Financially, Karat Packaging has shown strong performance, with recent highlights including a solid increase in operating income and net income. Despite facing pricing challenges, the company has maintained strong gross margins, driven by strategic initiatives like scaling back U.S. manufacturing in favor of imports, reducing ocean freight costs, and expanding its eco-friendly product line.
Recent developments include the opening of new distribution centers in Chicago, Houston, and Mesa, Arizona, aimed at improving logistical efficiency and market penetration. The company is also expanding its salesforce to better serve key U.S. markets. Karat Packaging continues to invest in technology and infrastructure to enhance operational efficiency and customer service.
Karat's strategic growth initiatives are well underway, with a focus on expanding its market presence both domestically and internationally. The company remains debt-free and continues to generate strong cash flow, underpinning its robust financial health. For more information, visit the company’s website at www.karatpackaging.com.
Karat Packaging (Nasdaq: KRT), a specialty distributor and manufacturer of environmentally friendly disposable foodservice products, announced it will release its 2024 third quarter financial results after market close on Thursday, November 7, 2024. The company will host an investor conference call the same day at 2:00 p.m. PT/5:00 p.m. ET. Karat specializes in food containers, bags, tableware, cups, and other foodservice items, including their eco-friendly Karat Earth® line of sustainable products made from renewable resources.
Karat Packaging Inc. (Nasdaq: KRT), a specialty distributor and manufacturer of disposable foodservice products, has announced its participation in Lake Street Capital Market's 8th Annual Best Ideas Growth (BIG8) Conference. The event is scheduled for September 12, 2024 in New York.
Chief Executive Officer Alan Yu and Chief Financial Officer Jian Guo will represent the company at the conference. They will be conducting one-on-one meetings with investors during the event. Interested parties can contact Lake Street Capital Markets representatives for additional information, invitations, or to schedule meetings with Karat Packaging's management team.
Karat Packaging Inc. (Nasdaq: KRT) reported its Q2 2024 financial results. Net sales increased 3.5% to $112.6 million, while gross profit rose 3.7% to $43.4 million. Net income decreased to $9.2 million from $10.7 million in the prior-year quarter. The company maintained a gross margin of 38.5%. Karat expects Q3 2024 net sales to increase by mid to high single digits and full-year 2024 net sales to grow by mid-single digits. The company's business pipeline is expanding with new national and regional chain accounts. Karat's warehouse expansion strategy is contributing to growth across sales channels, including online sales, which now represent 17.4% of total sales.
Karat Packaging (Nasdaq: KRT), a specialty distributor and manufacturer of disposable foodservice products, has announced two dividend payments. The company's board of directors has approved a regular quarterly cash dividend of $0.35 per share and a special cash dividend of $0.15 per share. Both dividends will be payable on August 30, 2024, to shareholders of record as of August 21, 2024.
CEO Alan Yu stated that these distributions reflect Karat's strong cash position and positive long-term outlook. The board remains committed to providing returns to shareholders and continually assessing opportunities to enhance shareholder value.
Karat Packaging (Nasdaq: KRT), a specialty distributor and manufacturer of environmentally friendly, disposable foodservice products, has announced its plans to release 2024 second quarter financial results after market close on Thursday, August 8, 2024. The company will host an investor conference call on the same day at 2:00 p.m. PT/5:00 p.m. ET.
Interested parties can access the call via phone (646-307-1963 domestic; 800-715-9871 international) using the Conference ID: 4261013. A webcast will also be available on the company's investor relations website, with an archive accessible for approximately one year.
Karat Packaging will participate in two investor conferences in June 2024. On June 4 at 11:30 a.m. ET, CEO Alan Yu and CFO Jian Guo will join a fireside chat at the Stifel 2024 Cross Sector Insight Conference in Boston. On June 5 at 4:40 p.m. CT, they will present at the 44th Annual William Blair Growth Stock Conference in Chicago. Both events will be live-streamed on Karat's investor relations website and archived for a year. Management will also hold one-on-one meetings with investors during both conferences.
Karat Packaging Inc. (Nasdaq: KRT) reported its 2024 first-quarter financial results, showcasing a mixture of positive and negative aspects. Despite a slight decrease in net sales and gross profit, the company remains optimistic about its growth prospects, with an expanding eco-friendly product line and new distribution center in Arizona. The company's adjusted EBITDA and net income saw a decline in comparison to the prior year, with an increase in operating expenses being a notable factor. Karat also announced an increase in its quarterly cash dividend. Overall, Karat Packaging is focusing on strategic growth initiatives and maintaining a strong gross margin amidst various challenges.
Karat Packaging Inc. announced an increase in its quarterly cash dividend, with the approval of a payment of $0.35 per share on the Company's common stock, up from the previous $0.30 per share. The dividend will be payable on or about May 24, 2024, to stockholders of record as of May 17, 2024.
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