Hanover / PA. (utz) Utz Brands Inc., a leading U.S. manufacturer of branded salty snacks, reported financial results for the Company’s fiscal first quarter ended April 03, 2022. Highlights:
- Net sales increased 26.6 percent year-over-year. Organic Net Sales increased 20.7 percent year over year.
- IRI retail sales increased 18.1 percent year-over-year driven by strong Power Brands growth of 20.1 percent(1).
- GAAP Net loss was USD (31.9) million(2) versus USD (23.3) million in the year-ago period.
- Adjusted Ebitda was USD 36.5 million versus USD 37.9 million in the year-ago period.
- The Company is raising its full-year fiscal 2022 net sales outlook and reaffirming its Adjusted Ebitda outlook.
(1) IRI total US MULO-C, on a pro forma basis, 13-weeks ended April 3, 2022.
(2) 1Q’22 GAAP net loss primarily driven by the USD 23.0 million buyout of multiple third-party DSD rights in the quarter that were treated as contract termination costs and booked as an expense on the income statement and not as an investing activity on the Statement of Cash Flows.
«We are pleased to deliver record first quarter net sales with Organic Net Sales growth of nearly 21 percent,» said Dylan Lissette, Chief Executive Officer of Utz. «Consumer demand for our strong portfolio of brands is at an all-time high, and we are incredibly excited about the continued opportunity to improve our market position in key growth channels and geographies. In addition, as inflation continues to increase, we are taking incremental price actions to help offset higher costs, and we are encouraged by our continued sales volume increases as price elasticity is better than we anticipated.»
Lissette continued, «As a result of our strong top-line trends, we are raising our net sales growth expectations for fiscal 2022. Furthermore, we remain on track to achieve our profit outlook as our pricing actions, along with our productivity programs, give us confidence that we will be able to offset the continuing high inflation as we exit 2022 and move into 2023.»
For additional information please read the Company’s PDF file below (197 KB):20220517-UTZ-Q1-2022