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Utz Brands Reports First Quarter 2024 Results; Howard Friedman Discusses

Utz Brands Reports First Quarter 2024 Results; Howard Friedman Discusses


HANOVER, PA
Tuesday, May 21st, 2024

Continuing to grow its presence in the salty snacking space, Utz Brands is relishing another successful quarter, revealing its results for Q1 2024. In its release, the snacking provider revealed that its net sales for the quarter eclipsed $346.5 million.

Howard Friedman, Chief Executive Officer, Utz Brands“I’m 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.”

Utz shared several highlights in the report, including:

  • Organic Net Sales increased 1.5 percent
  • Gross Profit Margin expansion of 480 bps
  • Net income of $2.4 million
  • Adjusted EBITDA increased 7.4 percent to $43.4 million
  • Adjusted Earnings per share increased 27.3 percent to $0.14

Utz Brands continues to dominate in the salty snacking arena after revealing favorable results in its Q1 2024The company’s Q1 growth is headlined by several recent developments, as the company recently completed disposition of two manufacturing facilities for total consideration of $18.5 million, subject to customary adjustments.

To read more about Utz Brands’ performance for its first quarter, click here.

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