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Utz Brands Reports Fourth Quarter and Full Year 2022 Results; Howard Friedman Shares

Utz Brands Reports Fourth Quarter and Full Year 2022 Results; Howard Friedman Shares


HANOVER, PA
Monday, March 13th, 2023

Utz Brands is walking away from fourth quarter 2022 with $354.7 million in net sales as proof of its prowess when it comes to navigating the snacking sector. The company recently reported its fourth quarter and full year results for the period ending January 1, 2023, showing a successful strategy, even amidst market hurdles.

Howard Friedman, Chief Executive Officer, Utz Brands“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 Howard Friedman, Chief Executive Officer of Utz. “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.”

Overall, for the fourth quarter, Utz saw net sales increase 17.9 percent year-over-year and its organic net sales rise 15.9 percent year-over-year, according to a release. Other highlights include:

  • Gross profit margin expanded to 32.5 percent vs. 30.1 percent in the year-ago period
  • Adjusted Gross Profit Margin expanded to 36.6 percent vs. 34.4 percent in the year-ago period
  • Net income of $13.8 million vs. a net loss of $16.2 million in the year-ago period
  • Adjusted EBITDA increased 17.0 percent year-over-year to $44.1 million

For the fiscal year 2022, Utz reported a net sales increase of 19.3 percent to $1,408.4 million and an organic net sales rise of 15.5 percent year-over-year. Adjusted EBITDA also increased 9.2 percent year-over-year to $170.5 million.

Utz Brands is walking away from fourth quarter 2022 with $354.7 million in net sales as proof of its prowess when it comes to navigating the snacking sector

Moving ahead, Utz expects Organic Net Sales growth of 4–6 percent and is expecting to grow Adjusted EBITDA by 6–10 percent.

To read the report in its entirety, click here.

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Utz Brands
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