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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 Inc. (Nasdaq: KRT) reported its financial results for Q4 and the full year 2022 on March 16, 2023. Q4 net sales rose to $92.7 million, a 1.5% increase, while gross profit reached $29.7 million, up 4.8%. However, net income fell to $4.5 million, a decline from $6.0 million in the prior year. The 2022 full-year revenue was $423 million, up 16.1%, with a gross margin of 31.2%. The company anticipates a high single-digit increase in full-year 2023 sales, despite expected lower sales in H1 2023 due to price reductions and inventory destocking. Karat is focusing on growth strategies, including expanding its eco-friendly product lines and improving inventory management.
Karat Packaging Inc. (KRT) will release its 2022 fourth quarter and full year financial results after market close on Thursday, March 16, 2023. The company will also host an investor conference call on the same day at 2:00 p.m. PT / 5:00 p.m. ET. Investors can join the call by dialing 877-418-4045 domestically or 412-317-6745 internationally. The call can also be accessed via a webcast on the company’s website, where an archive will be available for approximately one year. Karat specializes in manufacturing disposable foodservice products used by restaurants across the U.S.
Karat Packaging Inc. (KRT) reported a strong third quarter for 2022 with net sales of $110.0 million, a 7.1% increase year-over-year. Gross profit rose 14.7% to $34.2 million, leading to a gross margin expansion to 31.1%. Net income surged 51.1% to $6.2 million, with an adjusted EBITDA of $11.7 million. The company also showcased record operating cash flow of $20.2 million. Looking ahead, Q4 sales are projected between $95 million and $98 million. Despite increased sales, customer destocking impacted results.
Karat Packaging Inc. (Nasdaq: KRT) has declared a special dividend of $0.35 per share, set to be paid on or around November 30, 2022 to shareholders of record by November 21, 2022. Alan Yu, CEO, emphasized this decision as a reflection of the Board's confidence in the company's long-term prospects and its strong cash flow performance. The company continues to demonstrate solid growth and a robust financial position, allowing it to return excess capital to shareholders.
Karat Packaging Inc. (KRT) announced it will release its third-quarter financial results for 2022 after market close on November 10, 2022. The company specializes in eco-friendly, disposable foodservice products used by various restaurants across the U.S. A conference call will follow the earnings release at 2:00 p.m. PT/5:00 p.m. ET, allowing investors to discuss the results. Karat Packaging's offerings include a wide range of products, notably its sustainable Karat Earth® line. For more details, visit their investor website.
Karat Packaging Inc. (Nasdaq: KRT) reported a record quarterly revenue of $114.9 million for Q2 2022, marking a 21.5% increase year-over-year. Gross profit rose by 20.9% to $34.0 million, with a gross margin of 29.6%. Net income was $7.2 million, down from $9.3 million in Q2 2021. Adjusted EBITDA grew 14.6% to $11.8 million. For Q3 2022, net sales are projected between $117 million and $120 million, with a full-year guidance of $445 million to $449 million. The company emphasizes strong demand for eco-friendly products amid regulatory changes.
Karat Packaging Inc. (KRT), a distributor and manufacturer of eco-friendly disposable foodservice products, will release its second quarter financial results on August 11, 2022, after market close. An investor conference call is scheduled for the same day at 2:00 p.m. PT/5:00 p.m. ET. Karat specializes in a variety of products including containers, bags, and tableware, emphasizing sustainable solutions through its Karat Earth® line made from renewable resources. Investors can access the results via a webcast available for one year.
Karat Packaging Inc. (Nasdaq: KRT) will participate in two investor conferences in June 2022. The first event is a fireside chat on June 7 at 10:55 a.m. ET during the Stifel 2022 Cross Sector Insight Conference in Boston, featuring CEO Alan Yu and CFO Jian Guo. The second event is the William Blair Growth Stock Conference on June 9 at 9:20 a.m. CT, held in Chicago. Both events will be webcast live on Karat's investor relations website and archived for approximately one year. Karat specializes in environmentally friendly disposable foodservice products.
Karat Packaging Inc. (KRT) reported record quarterly net sales of $105.4 million for Q1 2022, a 39.3% increase year-over-year, alongside a net income of $7.9 million, doubling from the prior-year quarter. The gross profit was $34.3 million, up 58.6% with a gross margin of 32.5%. The company anticipates Q2 net sales between $116 million and $118 million. Additionally, a joint venture for a 180,000-square-foot factory in Taiwan was established to enhance production of compostable products.
Karat Packaging Inc. (Nasdaq: KRT) announced that it will report its first quarter financial results for 2022 after market close on May 12, 2022. The company will also host an investor conference call at 2:00 p.m. PT/5:00 p.m. ET on the same day. Karat specializes in environmentally friendly disposable foodservice products, including food containers, tableware, and packaging solutions, primarily serving restaurants and foodservice sectors across the U.S. The company's eco-friendly product line includes items made from renewable resources.
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