Thu, Jul 18, 8:21 PM (51 days ago)
For the quarter ending June 30, 2024, AMCON Distributing Company reported a 3.1% increase in sales to $717.9 million, driven by acquisitions and cigarette price hikes, but offset by lower cigarette volumes. Gross profit rose 2.3% to $48.0 million, maintaining a 6.7% margin. Operating expenses increased 8.7% to $42.3 million due to acquisitions and higher labor and insurance costs. Consequently, operating income fell 28.9% to $5.6 million. Net income dropped 62.2% to $1.5 million, impacted by higher interest expenses and lower other income. The company remains focused on strategic investments and expansion, though faces ongoing inflationary pressures, regulatory risks, and supply chain challenges.