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November 5, 2020

Utz Brands raises FY forecasts on back of strong Q3

US snacks business Utz Brands has adjusted its forecasts for annual net sales and adjusted earnings after releasing its third-quarter results.

By Leonie Barrie

US snacks business Utz Brands has increased its forecasts for annual net sales and adjusted earnings after releasing its third-quarter results.

The Golden Flake, Zapp’s and Boulder Canyon brands owner saw both sales and adjusted earnings increase markedly, on a year-on-year basis, in the three months to 27 September.

In the 53-week fiscal year ending 3 January, Utz now expects to see sales growth of 10-11% versus 2019 pro-forma net sales of US$865.5m and adjusted EBITDA in the range of $129m to $132m.

It is the first guidance the Hanover, Pennsylvania, business has issued as a new public company.

Utz recorded third-quarter net sales of $248m, an increase of 24.2% over the prior year period and adjusted EBITDA of $38.2m, growth of 39.8% year-on-year.

However, the company made a net loss of $7.3m, compared to net income of $10.3m last year. Utz said this was driven by transaction-related expenses from the merger with investment vehicle Collier Creek Holdings which completed in August.

CEO Dylan Lissette said: “We are pleased to report strong financial results for our first quarter as a public company. Our strong portfolio of brands, competitively-advantaged manufacturing and distribution network, and strong execution helped us improve our market positions in key channels, geographies, product sub-categories, and in total.”

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