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Karat Packaging Raises Q3 Sales Outlook

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  • Karat Packaging Inc (NASDAQ: KRT) raised its third-quarter net sales outlook of $102 million - $103 million (consensus $101.3 million), compared to $76.3 million in the prior-year period.

  • The company had earlier expected Q3 sales of $100 million - $102 million.

  • Karat Packaging also expects 2021 net sales of $365 million - $368 million (consensus $368.04 million), versus $295.5 million for the full year 2020.

  • "Orders are strong into October, and we expect this to continue throughout the remainder of the year," said CEO Alan Yu.

  • On Friday, Karat Packaging stated that its finance chief Ann Sabahat has resigned for personal reasons, effective October 8, 2021. Karat's board appointed Peter Lee to serve as its interim CFO until a successor is named.

  • Karat Packaging will report Q3 financial results on November 8, 2021.

  • Price Action: KRT shares traded higher by 2.66% at $21.27 on the last check Monday.

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