Hanover / PA. (utz) Utz Brands Inc., a leading U.S. manufacturer of branded salty snacks, reported financial results for the fourth quarter and full-year ended December 31, 2023.
Financial results summary Q4-2023
- Net sales decreased (0.7) percent year-over-year to USD 352.1 million.
- Organic Net Sales decreased (0.3) percent year-over-year.
- Net loss of USD (33.2) million versus net income of USD 13.8 million in the year-ago period.
- Adjusted Ebitda increased 12.0 percent year-over-year to USD 49.4 million.
Financial results summary FY-2023
- Net sales increased 2.1 percent year-over-year to USD 1,438.2 million.
- Organic Net Sales increased 2.8 percent year-over-year.
- Net loss of USD (40.0) million versus net loss of USD (14.0) million in the year-ago period.
- Adjusted Ebitda increased 9.8 percent year-over-year to USD 187.2 million.
Recent Development
- Completed dispositions on February 05, 2024: «Good Health» and «RW Garcia» brands, certain related assets, and three manufacturing facilities.
- After-tax net proceeds of ~USD 150 million immediately used to pay down variable rate long term debt and reduce leverage.
«In 2023 we evolved through capacity, distribution and capability investments that position Utz to capture its full potential. In a dynamic environment, I am proud of our continued progress on building Utz into a pure-play U.S. snacking company of scale with an advantaged brand portfolio in the attractive Salty Snacks category,» said Howard Friedman, Chief Executive Officer. «As we begin 2024, we have hit the ground running, and closed our recently announced brand and manufacturing plant dispositions which fast-tracks our deleveraging timeline, accelerates our supply chain transformation, and increases focus in our brand portfolio. We have compelling long-term growth opportunities, and our 2024 outlook begins our runway to deliver the 2026 targets that we discussed at our Investor Day in December.»
For additional information please read the company’s PDF file below (250 KB).
20240302-UTZ-BRANDS-FY2023.