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Sep 27, 2020
Utz Q3 2020 Earnings Report
Estimated Revenue:$246M
Estimated EPS:$0.12
Key Takeaways
Utz Brands reported a strong increase in net sales and gross profit. The net loss was driven by transaction-related expenses. The company also raised its full year 2020 outlook.
Net sales increased by 24.2% compared to the prior year period.
Gross Profit increased by 23.5% over the prior year period.
Net loss was $7.3 million, driven by transaction expenses.
Adjusted EBITDA increased by 39.8% over the prior year period.
Forward Guidance
For the 53-week fiscal year ending January 3, 2021, the Company is providing the following guidance: Net Sales growth of 10 – 11% versus 2019 Pro Forma Net Sales of $865.5 million and Adjusted EBITDA in the range of $129 to $132 million.
Positive Outlook
- Net Sales growth of 10 – 11% versus 2019 Pro Forma Net Sales of $865.5 million
- 53rd Week representing approximately two percentage points
- Adjusted EBITDA in the range of $129 to $132 million
- Estimated 53rd Week impact of approximately $3 million
- Net leverage ratio of approximately 3x at the end of FY 2020
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