Utz Brands (NYSE: UTZ) reported Q2 EPS of $0.19, $0.03 better than the analyst estimate of $0.16. Revenue for the quarter came in at $365.2 million versus the consensus estimate of $356.49 million.

Fiscal Year 2024 Outlook

The Company is modestly revising its outlook for Organic Net Sales growth from ~3% or better to now ~3%. The revised outlook is due to a more moderate growth outlook for the Salty Snack Category. The Company continues to expect Organic Net Sales growth driven by volume growth, fueled by increased marketing investments, product innovation, already achieved distribution gains, and an easier second half growth comparison. The Company’s outlook also assumes net sales will be impacted by ~$45 million due to the sale of the Good Health® and R.W. Garcia® brands.

The Company is reaffirming its outlook for Adjusted EBITDA growth of 5%-8% and assumes the estimated impact of the forgone profit contribution from the brands divested in February 2024 are mostly offset by accelerated cost savings and the transition services agreement.

The Company is raising its outlook for Adjusted Earnings per Share growth from 23%-28%, to 28%-32%. The improved growth rate expectation is the result of a more favorable effective tax rate and lower core depreciation and amortization expense resulting from the Company’s plant divestitures in April 2024.

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