The snacking arena is one that carries strong momentum at any given time. Wielding its expertise in the category and its popular brands such as Utz®, ON THE BORDER®, Zapp’s®, TORTIYAHS!®, Hawaiian®, Boulder Canyon®, and TGI Fridays®, Utz Brands is gearing up for more growth in the space. This was revealed with the release of the company’s fiscal third quarter results for the period ending October 2, 2022.
“I am very pleased with our team’s execution which drove third quarter results better than our expectations,” noted Dylan Lissette, outgoing Chief Executive Officer of Utz. “We are successfully managing the impact of higher inflation while increasing our investments to support our growth strategies. As a result, we are again raising our net sales and Adjusted EBITDA outlook for fiscal 2022.”
For the third quarter of 2022, Utz Brands’ net sales increased to $362.8 million, a 16 percent year-over-year increase for the supplier. Organic net sales increased 12.6 percent on a year-over-year basis, and adjusted EBITDA increased 6.5 percent year-over-year to $47.7 million. Following this growth, the company is again raising its full-year fiscal 2022 Net Sales and Adjusted EBITDA outlook, a press release stated.
The snack manufacturer pulled back the curtain on these sales results shortly after announcing the appointment of its newest Chief Executive Officer, Howard Friedman.
“We have been on an impressive growth journey marked by rapid expansion in our scale, geographic reach, and portfolio of brands and products. Looking ahead, I am excited to transition to Executive Chairman of the Board of Directors and remain actively engaged with the company, while I pass the baton to Howard Friedman as our next Chief Executive Officer in mid-December,” Lissette continued. “Having led some of America’s most iconic brands and established a track record of profitable growth, I believe Howard is the ideal leader to leverage our momentum and take Utz to the next level.”
To view the financial report in its entirety, click here.
Stay tuned as Deli Market News continues to report on signs of growth across the specialty, deli, and dairy sectors.