Sovos Brands gains on upbeat 2023 revenue forecast

Sovos Brands

08/03/2023 22:13

** Shares of food and beverage company Sovos Brands Inc
 SOVO.O  up ~9% at $14.40 after the bell
    ** Company forecasts 2023 sales above analysts' expectations
on strong demand for its offerings 
    ** SOVO sees full-year net sales between $900 mln and $925
mln, compared with estimates of $888.9 mln, per Refinitiv IBES
data
    ** Company also beats Q4 sales and profit estimates
    ** SOVO posts adjusted profit of 19 cents per share,
compared with estimates of 16 cents
    ** Up to Wednesday's close, stock had risen ~13% in the last
12 months

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam))