Goldman Sachs Downgrades Utz Brands (UTZ) to Neutral Citing 'Strong momentum now balanced by premium valuation'

Utz Brands Reports Record Second Quarter Net Sales

August 11, 2022 6:30 AM EDT

HANOVER, Pa.--(BUSINESS WIRE)-- Utz Brands, Inc. (NYSE: UTZ) (Utz or the Company), a leading U.S. manufacturer of branded salty snacks, today reported financial results for the Companys fiscal second quarter ended July 3, 2022.

2Q22 Highlights:

Net Sales increased 17.5% year-over-year to $350.1 million Organic Net Sales increased 13.6% year-over-year GAAP Net Income of $2.5 million vs. $16.2 million in the year-ago period Adjusted EBITDA increased 18.2% year-over-year to $42.2 million The Company is raising its full-year fiscal 2022 Net Sales and Adjusted EBITDA outlook

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