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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Total revenue $ 150,736 $ 160,145 $ 303,911 $ 322,237
Total costs 100,261 107,535 203,408 219,332
Total gross margin 50,475 52,610 100,503 102,905
Selling, marketing and administrative expenses 35,040 37,857 73,958 75,356
Earnings from operations 15,435 14,753 26,545 27,549
Other income, net 4,900 4,804 13,932 9,584
Earnings before income taxes 20,335 19,557 40,477 37,133
Provision for income taxes 4,701 4,837 9,008 9,019
Net earnings 15,634 14,720 31,469 28,114
Less: net income (loss) attributable to noncontrolling interests (6) (6) (5) (13)
Net earnings attributable to Tootsie Roll Industries, Inc. $ 15,640 $ 14,726 $ 31,474 $ 28,127
Net earnings attributable to Tootsie Roll Industries, Inc. per share $ 0.22 $ 0.20 $ 0.44 $ 0.39
Dividends per share [1] $ 0.09 $ 0.09 $ 0.18 $ 0.18
Average number of shares outstanding (in shares) 71,417 72,164 71,417 72,231
Product        
Total revenue $ 148,819 $ 158,837 $ 300,283 $ 319,548
Total costs 99,732 107,075 202,464 218,481
Total gross margin 49,087 51,762 97,819 101,067
Rental and Royalty        
Total revenue 1,917 1,308 3,628 2,689
Total costs 529 460 944 851
Total gross margin $ 1,388 $ 848 $ 2,684 $ 1,838
[1] Does not include 3% stock dividend to shareholders of record on 3/6/24 and 3/6/23.