Q1 2024 UTZ Brands Inc Earnings Call Transcript
Key Points
- Utz Brands Inc (UTZ) reported a strong start to the year with a 27% growth in adjusted earnings per share.
- The company achieved its fifth consecutive quarter of adjusted EBITDA margin expansion.
- Utz Brands Inc (UTZ) saw a 4.1% increase in retail consumption, led by a 4.6% growth in branded volume.
- The company successfully disposed of five manufacturing plants, which contributed to a reduction in debt and accelerated leverage reduction.
- Utz Brands Inc (UTZ) is making significant progress in its productivity programs, reflected in a nearly 300 basis point expansion in adjusted gross margin.
- Sales trends in unmeasured areas of the portfolio did not keep pace with measured channel performance, requiring better execution.
- The company faces challenges in the small-format channel and needs to improve its price pack architecture to meet consumer value expectations.
- Utz Brands Inc (UTZ) reported only a 1.5% increase in organic net sales, indicating slower growth in this area.
- The company experienced higher than expected delivery costs due to unplanned Boulder Canyon transport shipments.
- Utz Brands Inc (UTZ) is still managing the impact of input cost inflation, particularly in conversion costs and freight.
Thank you for standing by. My name is Pam, and I will be your conference operator today. At this time, I would like to welcome everyone to the UTZ Brands first-quarter 2024 earnings call. (Operator Instructions)
I would now like to turn the conference over to Kevin Powers, Head of Investor Relations. You may begin.
Good morning, and thank you for joining us today. On the call today are Howard Friedman, CEO; Ajay Kataria , CFO; and Cary Devore, COO and Chief Transformation Officer. Howard and Jay will make prepared comments this morning and all three will be available to answer questions during a live Q&A session.
Please note that some of our comments today will contain forward-looking statements based on our current view of our business and actual future results may differ materially. Please see our recent SEC filings, which identify the principal risks and uncertainties that could affect future performance.
Before I turn the call over to Howard, I just have a few housekeeping
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