Utz Brands revealed in its Q2 2023 financial results a major lift in its net sales. The snack manufacturer reported a 3.6 percent increase year-over-year to $362.9 million, a $12.8 gain.
“Our second quarter results were consistent with our expectations as our momentum continued, led by sustained strong demand across our advantaged portfolio of Power Brands,” said Howard Friedman, Chief Executive Officer. “Looking ahead to the remainder of the year, we are raising our full-year Adjusted EBITDA outlook as we execute against our key growth and operational strategies.”
The increase in net sales was driven by Organic Net Sales growth of 4.3 percent, partially offset by the company’s continued shift to independent operators (IOs) and the resulting increase in sales discounts that impacted net sales growth by 0.7 percent.
Gross profit margin was 32.4 percent, compared to 31.9 percent in the prior year period.
Click here for more information about the company’s financial report.
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