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STG’s Stock Hits Record High, Company Announces Q3 2021 Earnings

Yesterday, Scandinavian Tobacco Group A/S (STG), one of the world’s largest cigar companies and one of the few publicly-traded firms, saw its stock hit record highs ahead of its Q3 earnings announcements.

Today, the company released its results for Q3 2021. While its profits were up slightly from 2020, revenue decreased slightly compared to the same quarter in 2020. Notably, it appears the cigar market is stabilizing to a point where STG didn’t raise guidance for later in the year, something it’s been doing quite regularly since the start of the pandemic.

STG says it generated DKK 2.182 billion ($340 million) in revenue, a 2.2 percent decline from 2020. EBITDA before special items—a measurement of profits—was DKK 627 million ($97.3 million), up .9 percent compared to last year.

That margin was helped by DKK 31 million in what the company says was “certain duty refunds in the US.”

  Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021
Net Sales 2.231 billion 1.992 billion 1.883 billion 2.156 billion 2.182 billion
EBITDA before special Items 614 million 397 million 527 million 606 million 627 million
Free Cash Flow 609 million 238 million 89 million 434 million 564

“We deliver strong quarterly performance in line with expectations and maintain the positive momentum we have had throughout 2020 and 2021,” said Niels Frederiksen, ceo of STG, in a statement. “The combination of the integration of Agio Cigars, the growth in handmade cigars and our underlying transformation have significantly improved our performance and raised our earnings and margins levels. I remain proud and impressed with the way our organization has continued to deliver a strong performance throughout a challenging period”.

Notably, STG did not raise its guidance. The company has been doing so nearly once per quarter since the pandemic began.

STG is the parent company of Cigars International, General Cigar Co., Thompson Cigar, Forged Cigar Co., Agio, and other businesses throughout the U.S. and international markets.

Shares of STG, which is traded on the NASDAQ Copenhagen, fell 6.2 percent today to DKK 134.6, though that fall is from the stock’s all-time high of DKK 146.5 that it hit yesterday.

Charlie Minato

I am an editor and co-founder of Media, LLC. I previously co-founded and published TheCigarFeed, one of the two predecessors of halfwheel. I handle the editing of our written content, the majority of the technical aspects of the site and work with the rest of our staff on content management, business development and more. I’ve lived in most corners of the country and now entering my second stint in Dallas, Texas. I enjoy boxing, headphones, the Le Mans 24-hour, wearing sweatshirts year-round and gyros. echte liebe.

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