HANOVER, Pa. - Utz Brands, Inc. (NYSE:UTZ) reported third quarter earnings that topped analyst expectations, as the snack food maker saw solid organic sales growth and margin expansion. The company also reaffirmed its full-year 2024 guidance.
Utz shares edged up 0.56% following the earnings release.
Utz posted adjusted earnings per share of $0.21 for Q3, beating the consensus estimate of $0.20. Revenue came in at $365.5 million, slightly above the $364.02 million analysts were expecting.
Organic net sales increased 1.9% year-over-year, driven by 2.4% growth in volume/mix, partially offset by a 0.5% decline in pricing. The company's Power Brands saw strong growth in the quarter.
Adjusted gross profit margin expanded 270 basis points to 39.0%, benefiting from productivity initiatives and favorable sales mix. Adjusted EBITDA rose 3.6% to $54.0 million.
"In the third quarter our momentum continued with solid Organic Net Sales growth, our seventh consecutive quarter of Adjusted EBITDA Margin expansion, and Adjusted Earnings Per Share growth of nearly 24%," said CEO Howard Friedman.
Looking ahead, Utz reaffirmed its full-year 2024 outlook, including organic net sales growth of 2-2.5% and adjusted EBITDA growth of 5-8%. The company continues to expect adjusted EPS growth of 28-32% for the year.
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