Turning Point Brands Appoints Graham Purdy As CEO; Cuts FY22 Guidance

Turning Point Brands Inc TPB has appointed Graham Purdy as CEO and Board Director, effective as of October 16, 2022, following Yavor Efremov's resignation as CEO and Director.
Purdy has served as TPB's Chief Operating Officer since 2019. Since joining TPB in 2004, Purdy has held various leadership positions.
Additionally, David Glazek will transition from Non-Executive to Executive Board Chairman, effective January 2023.
Preliminary Q3 Earnings: Turning point sees Q3 FY22 sales of $106 million - $108 million against an estimate of $105.87 million.
The company sees Q3 FY22 net income of $10.5 million - $12 million and adjusted EBITDA of $23.5 million - $25 million.
FY22 Outlook: Turning point lowered FY22 Zig-Zag Products sales guidance to $186 million - $191 million from the previous outlook of $193 million - $200 million.
It also lowered FY22 adjusted EBITDA to $96 million - $99 million (compared to the previous outlook of $97 million - $103 million.
Price Action: TPB shares are trading lower by 2.61% at $20.50 in premarket on the last check Monday.