Turning Point Brands Inc. (NYSE: TPB), a leading manufacturer and distributor of branded consumer products, reported a 5.49% decline in its stock price on November 7, 2024, despite announcing solid financial results for the third quarter of 2024.

For the three months ended September 30, 2024, the company's net sales increased by 3.8% year-over-year to $105.6 million, beating analysts' estimates. The growth was driven by strong performance in the Zig-Zag Products and Stoker's Products segments, with net sales rising 5.5% and 12.1%, respectively.

Turning Point Brands reported an adjusted EBITDA of $27.2 million for the quarter, representing an 11.3% increase compared to the same period in 2023. The company's net income attributable to Turning Point Brands Inc. stood at $12.4 million, up 14.3% from the previous year.

Based on the solid performance, the company raised its full-year 2024 adjusted EBITDA guidance to a range of $101 million to $103 million, up from the previous guidance of $98 million to $102 million.