Utz Brands: Reports First Quarter 2024 Results

Hanover / PA. (utz) Utz Brands Inc., a leading U.S. manufacturer of branded salty snacks and a small-cap growth and value Staples equity, reported financial results for its fiscal first quarter ended March 31, 2024.

Q1-2024 Summary

  • Net sales of USD 346.5 million
  • Organic Net Sales increased 1.5 percent
  • Gross Profit Margin expansion of 480 bps
  • Adjusted Gross Margin expansion of 280 bps
  • Net income of USD 2.4 million vs. net loss of USD (14.5) million
  • Adjusted Ebitda increased 7.4 percent to USD 43.4 million
  • Basis loss per share of USD (0.05)
  • Adjusted Earnings per share increased 27.3 percent to USD 0.14

FY-2024 Outlook

  • Reaffirming Organic Net Sales and Adjusted Ebitda outlook
  • Raising Adjusted Earnings per Share outlook

«I am pleased with our strong start to the year, as we gained dollar, pound, and unit share in the Salty Snacks category in the first quarter. In addition, we delivered our fifth consecutive quarter of year-over-year Adjusted Ebitda Margin expansion, and we drove 27 percent Adjusted Earnings per Share growth,» said Howard Friedman, Chief Executive Officer of Utz. «As we continue to execute our supply chain transformation strategy, our recent plant dispositions will allow us to focus on the next phase of our optimization efforts as we invest in our remaining facilities and continue to deliver on our value creation initiatives. We are on track to deliver our 2024 outlook and remain confident in delivering the 2026 targets that we introduced at our Investor Day in December.»

For additional information please read the Company’s PDF file below (287 KB):