Snack maker Utz Brands jumps on upbeat Q3 results

Utz Brands

09/11/2023 13:12

** Shares of Utz Brands  UTZ.N  up 5.1% at $12.75 premarket
    ** The snack maker beats Q3 revenue and profit estimates,
helped by higher prices for its products 
    ** Utz's volumes declined by 0.6% in Q3
    ** Co also continues to expect annual adjusted EBITDA growth
of 8% to 11% 
    ** However, it lowers FY forecast for total net sales,
blaming slowing demand in its salty snacks category
    ** "While Salty Snack category growth continues to normalize
after several years of pricing actions, we also have seen some
channel shifting due to a more value-conscious consumer," CEO
Howard Friedman says
    ** UTZ now expects total net sales growth of 2% to 3% vs
previous expectations of 3% to 5%
    ** As of last close, stock had fallen 23.5% YTD

 (Reporting by Granth Vanaik in Bengaluru)
 ((Granth.Vanaik@thomsonreuters.com; Twitter: https://twitter.com/Vanaik_Granth;))