Utz Brands: Reports Fourth Quarter and Full Year 2022 Results

Hanover / PA. (utz) Utz Brands Inc., a leading U.S. manufacturer of branded salty snacks, reported financial results for the Company’s fiscal fourth quarter and full year ended January 01, 2023.

Financial results summary Q4-2022

• Net sales increased 17.9 percent year-over-year to USD 354.7 million
• Organic Net Sales increased 15.9 percent year-over-year
• Gross profit margin expanded to 32.5 percent versus 30.1 percent in the year-ago period
• Adjusted Gross Profit Margin expanded to 36.6 percent versus 34.4 percent in the year-ago period
• Net income of USD 13.8 million versus a net loss of USD (16.2) million in the year-ago period
• Adjusted Ebitda increased 17.0 percent year-over-year to USD 44.1 million

Financial results summary FY-2022

• Net sales increased 19.3 percent year-over-year to USD 1,408.4 million
• Organic Net Sales increased 15.5 percent year-over-year
• Net loss of USD (14.0) million versus net income of USD 8.0 million in the year-ago period
• Adjusted Ebitda increased 9.2 percent year-over-year to USD 170.5 million

FY-2023 Outlook Highlights

• Utz expects Organic Net Sales growth of 4 percent to 6 percent. The Company expects to grow Adjusted Ebitda by 6 percent to 10 percent.

«I’m proud of our team’s execution amidst a challenging environment to deliver strong full-year results that exceeded the outlook we set at the beginning of 2022. Our Utz associates did an exceptional job delivering those results while building for an even brighter future,» said Chief Executive Officer Howard Friedman. «Looking ahead to 2023, we are well-positioned for another year of sales and Adjusted Ebitda growth, while we continue to make investments in our people, brands, selling infrastructure, and supply chain capabilities. I’m thrilled to be leading Utz at such an exciting time in our growth journey, and I look forward to building on our strong 100-year foundation.»