Utz Brands (UTZ) Tops Q3 EPS by 1c, reaffirms outlook

Utz Brands (NYSE: UTZ) reported Q3 EPS of $0.21, $0.01 better than the analyst estimate of $0.20. Revenue for the quarter came in at $365.5 million versus the consensus estimate of $364.02 million.

Fiscal Year 2024 Outlook

The Company is reaffirming its outlook for Organic Net Sales growth of 2%-2.5%. The Company continues to expect Organic Net Sales growth driven by volume growth that will be fueled by increased marketing investments, product innovation, already achieved distribution gains, and a more favorable fourth quarter growth comparison. The Company’s outlook also assumes net sales will be impacted by approximately $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 reaffirming its outlook for Adjusted Earnings per Share growth of 28%-32%. The Company continues to expect growth driven by increased operating earnings, 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.

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