Utz Q1 net sales up 26.6% to record $340.8M; net loss widens to $31.9M; raises FY22 sales outlook

Utz Brands, Inc.

2022-Q1 EPS reported -$0.22 revenue$340,767,000

Net sales $340.8M, +26.6% YoY; organic net sales +20.7%; IRI retail sales +18.1%, Power Brands +20.1%.
GAAP net loss $(31.9)M vs $(23.3)M, includes $23M DSD rights buyout expense; adjusted EBITDA $36.5M (-3.7%).
Adjusted EPS $0.11 vs $0.13; adjusted gross profit margin 33.9% vs 38.8% (down 487 bps).
Raising FY2022 net sales growth outlook; reaffirming Adjusted EBITDA outlook; incremental price actions planned.
CEO cites record consumer demand; price elasticity better than expected; volume growth continues.

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