Utz Brands: Reports Third Quarter 2023 Results

Hanover / PA. (utz) Utz Brands Inc., a leading U.S. manufacturer of branded salty snacks, reported financial results for the Company’s third fiscal quarter ended October 01, 2023. Third Quarter 2023 Summary:

  • Net sales increased 2.5 percent year-over-year to USD 371.9 million
  • Organic Net Sales increased 3.1 percent year-over-year
  • Net income of USD 16.2 million versus net income of USD 1.5 million in the year-ago period
  • Adjusted Ebitda increased 9.2 percent year-over-year to USD 52.1 million

«We delivered solid results on both the top and bottom line in the third quarter, with strong growth of our Power Brands, particularly in our Expansion geographies. While Salty Snack category growth continues to normalize after several years of pricing actions, we also have seen some channel shifting due to a more value-conscious consumer. We will remain agile in this dynamic environment,» said Chief Executive Officer Howard Friedman. «During the quarter we took aggressive actions to optimize our supply chain and portfolio for the future. These actions negatively impacted our second half volume greater than we anticipated, and coupled with the external environment, resulted in a near-term impact to our full-year net sales guidance. However, this stepped-up pace of supply chain and portfolio optimization has already delivered increased productivity and other costs savings, which has enabled us to maintain our full-year Adjusted Ebitda guidance. I believe we have now laid a strong foundation that well positions the Company for fiscal 2024 and beyond. We look forward to sharing more details on our accelerated value creation plans at our Investor Day in December.» For additional info please read the Company’s PDF file below (234 KB):