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Utz Brands Reports 10.6M Gain in First Quarter 2023 Results; Howard Friedman Comments

Utz Brands Reports 10.6M Gain in First Quarter 2023 Results; Howard Friedman Comments


HANOVER, PA
Wednesday, May 17th, 2023

United States supplier of salty snacks, Utz Brands, is celebrating its business prowess after releasing its first quarter 2023 financial results for the period ending April 2, 2023. The report details a net sales increase of 3.1 percent year-over-year as the company witnessed a $10.6 million rise from first quarter 2022.

Howard Friedman, Chief Executive Officer, Utz Brands“Our business momentum continued as we delivered year-over-year Adjusted Gross Margin expansion, double-digit Adjusted EBITDA growth, and 4 percent Organic Net Sales growth even as we lapped 21 percent comparable growth in the prior year,” said Howard Friedman, Chief Executive Officer of Utz. “We remain well-positioned to deliver strong performance for the full year, as our Salty Snack category remains resilient, and we continue to execute against our key portfolio optimization, geographic expansion, and productivity strategies.”

Overall, Utz saw net sales hit $351.4 million compared to $340.8 million in the first quarter of 2022, a release stated. Other highlights from the report include:

  • Organic Net Sales increased 4.0 percent year-over-year
  • Adjusted EBITDA increased 10.7 percent year-over-year to $40.4 million
  • Gross profit increased 0.7 percent to $104.5 million

Utz Brands is celebrating its business prowess after releasing its first quarter 2023 financial results for the period ending April 2, 2023

Backed by these positive results, Utz announced that it is reaffirming its net sales outlook and raising its Adjusted EBITDA outlook for fiscal 2023. The company anticipates total net sales growth of 3–5 percent for the year and Adjusted EBITDA growth of 7–10 percent—up from 6–10 percent previously.

To see the report in its entirety, click here.

Will these predictions become a reality for Utz? Only time and Deli Market News will tell, so stay tuned.

Utz Brands
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