- Utz Brands press release ( NYSE: UTZ ): Q3 Non-GAAP EPS of $0.16 beats by $0.02 .
- Revenue of $362.8M (+16.0% Y/Y) beats by $21.06M .
- FY Outlook:For fiscal 2022, the Company is raising its total net sales growth outlook from 13-15% to 17-19%, and its Organic Net Sales growth outlook from 10-12% to 13-15%. This improved outlook for net sales growth reflects the Company’s year-to-date performance and continued business momentum.
The Company continues to expect gross input cost inflation in the mid-to-high-teens for fiscal 2022 and the Company has been taking inflation-justified pricing actions during the year to help offset these cost increases. As the benefits of the Company’s pricing actions and productivity programs continue to build, the Company expects to offset high inflation for the full year of fiscal 2022. As a result of these actions and its improved outlook for sales, the Company is increasing its fiscal 2022 Adjusted EBITDA outlook from 2-5% growth to an updated range of $166 million to $170 million, or 6-9% versus the prior year.
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Additionally, in fiscal 2022, the Company now expects capital expenditures of approximately $40 million, excluding the impact of the Kings Mountain transaction. As previously noted, in accordance with Generally Accepted Accounting Principles (“GAAP”), the $38.4 million purchase of the Kings Mountain facility has been booked on the Company’s Statement of Cash Flows as a capital expenditure and not as an acquisition. The transaction was funded with approximately $10.4 million in cash and $28.0 million of proceeds from the issuance and sale of 2.1 million shares of the Company’s Class A Common Stock to affiliates of Benestar Brands in a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933.
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Utz Brands Non-GAAP EPS of $0.16 beats by $0.02, revenue of $362.8M beats by $21.06M, raises FY outlook