Utz Brands ( NYSE: UTZ ) traded higher after topping consensus marks with its Q2 earnings report on organic sales growth of 13.6%.
Sales in the Power Brands category were up 17.3% and sales in the Foundation Brands category rose 7.7%.
Gross profit improved 63 basis points to 36.0% of sales. Adjusted EBITDA improved in the quarter to $42.2M from $35.7M a year ago.
Looking ahead, UTZ continues to expect that pricing actions and productivity programs will offset cost inflation in the second half of the year. The company now sees FY22 revenue growth of +13% to +15% vs. a prior view for +10% to 13%. That works out to revenue of $1.334B to $1.358B vs. $1.34B consensus. The outlook for adjusted EBITDA outlook was raised from modest growth to +2% to +5% growth.
Shares of UTZ moved up 0.44% in premarket trading on Thursday to $18.33 following the earnings topper.
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Utz Brands raises guidance after organic sales stay strong