Utz Brands jumps on raising 2022 sales forecast

Utz Brands

12/05/2022 15:02

** Shares of snacks producer  UTZ.N  rise as much as 8% to
$13.45 after co raises full-year 2022 sales forecast 
    ** Stock last up 7.7%, on course to snap five-day losing
streak
    ** UTZ now expects 2022 sales growth between 10% and 13%, up
from its prior forecast of 7% - 10% growth  urn:newsml:reuters.com:*:nBw52CqRXa
    ** Q1 sales rose 26.6% to $340.8 mln, beating analysts'
estimates of $311.1 mln - Refinitiv IBES data
    ** CEO Dylan Lissette adds as inflation continues to
increase UTZ is taking incremental price actions to help offset
higher costs
    ** "We are encouraged by our continued sales volume
increases as price elasticity is better than we anticipated" -
Lissette 
    ** Stock has fallen ~17% this year

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