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Utz Brands Reports Second Quarter 2023 Results; Howard Friedman Comments

Utz Brands Reports Second Quarter 2023 Results; Howard Friedman Comments

Tuesday, August 29th, 2023

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.

Howard Friedman, Chief Executive Officer, Utz Brands“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.

In its second quarter 2023 results, Utz Brands reported a 3.6 percent net sales increase year-over-year to $362.9 million, a $12.8 gain

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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Utz Brands