Utz Brands (NYSE: UTZ) reported Q1 EPS of $0.14, $0.01 better than the analyst estimate of $0.13. Revenue for the quarter came in at $346.5 million versus the consensus estimate of $346.56 million.

Fiscal Year 2024 Outlook

The Company is reaffirming its outlook for Organic Net Sales and Adjusted EBITDA growth, and raising its outlook for Adjusted Earnings per Share growth.

Organic Net Sales growth of ~3% or better driven by volume growth, and assumes net sales to be impacted by ~$45 million due to the sale of the Good Health® and R.W. Garcia® brands.
Adjusted EBITDA growth of 5% to 8% and assumes the estimated impact of the forgone contribution to Adjusted EBITDA from the brand dispositions are mostly offset by accelerated cost savings and the transition services agreement.
Adjusted EPS growth of 23% to 28% (previously 16% to 21%); the improved growth expectation in 2024 is the result of a more favorable effective tax rate, lower interest expense after factoring in the use of net proceeds to pay down long term debt from the April 2024 manufacturing plant dispositions, and the favorable repricing of the Company’s Term Loan.

For earnings history and earnings-related data on Utz Brands (UTZ) click here.