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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Total revenue $ 225,934 $ 249,852 $ 529,845 $ 572,089
Total costs 148,865 164,652 352,273 383,984
Total gross margin 77,069 85,200 177,572 188,105
Selling, marketing and administrative expenses 41,825 39,300 115,783 114,656
Earnings from operations 35,244 45,900 61,789 73,449
Other income, net 7,188 (718) 21,120 8,866
Earnings before income taxes 42,432 45,182 82,909 82,315
Provision for income taxes 9,599 10,805 18,607 19,824
Net earnings 32,833 34,377 64,302 62,491
Less: net income (loss) attributable to noncontrolling interests (11) (5) (16) (18)
Net earnings attributable to Tootsie Roll Industries, Inc. $ 32,844 $ 34,382 $ 64,318 $ 62,509
Net earnings attributable to Tootsie Roll Industries, Inc. per share $ 0.46 $ 0.48 $ 0.90 $ 0.87
Dividends per share [1] $ 0.09 $ 0.09 $ 0.27 $ 0.27
Average number of shares outstanding (in shares) 71,379 71,696 71,402 72,049
Product        
Total revenue $ 223,891 $ 248,336 $ 524,174 $ 567,884
Total costs 148,266 164,163 350,730 382,644
Total gross margin 75,625 84,173 173,444 185,240
Rental and Royalty        
Total revenue 2,043 1,516 5,671 4,205
Total costs 599 489 1,543 1,340
Total gross margin $ 1,444 $ 1,027 $ 4,128 $ 2,865
[1] Does not include 3% stock dividend to shareholders of record on 3/6/24 and 3/6/23.