Utz Brands ( NYSE: UTZ ) stock edged higher on Thursday after topping Q4 earnings expectations.
The Hanover, Pennsylvania-based snack manufacturer posted $0.15 in earnings per share, beating estimates by $0.03. Meanwhile, a 17.9% rise in revenue from the prior year to $354.7M came in $17.99M stronger than the Street consensus. Gross margins expanded 240 basis points from the prior year, supported by price increases in the quarter. The earnings report indicated that a 17.9% price increase was partially offset by volume declines of 2%.
“I’m proud of our team’s execution amidst a challenging environment to deliver strong full-year results that exceeded the outlook we set at the beginning of 2022,” CEO Howard Friedman said. “Looking ahead to 2023, we are well-positioned for another year of sales and Adjusted EBITDA growth, while we continue to make investments in our people, brands, selling infrastructure, and supply chain capabilities.”
Moving forward, the company expects organic net sales growth of 4% to 6% and adjusted EBITDA growth of 6% to 10%. Net sales growth is expected to be driven by further pricing actions. Sales volumes are expected to remain consistent with fiscal 2022.
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Utz Brands price hikes promote earnings beat