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Sovos Brands, Inc. (SOVO) will announce its first quarter results for the period ending April 1, 2023, on May 10, 2023, after market close. This company, recognized as one of the fastest-growing food companies in the U.S., specializes in consumer-packaged food, including pasta sauces, frozen pizzas, and yogurts, marketed under the brands Rao’s, Michael Angelo’s, and noosa. Following the earnings announcement, a live conference call will be held at 4:30 p.m. Eastern Time, with an archived webcast available for later access. The event details can be found on Sovos Brands' Investor Relations webpage.
Sovos Brands reported a strong performance for FY 2022, with net sales reaching $878.4 million, a 22.1% increase year-over-year, and Adjusted EBITDA at $119.8 million, up 4.1%. The fourth quarter saw net sales of $262.1 million, marking a 38.5% increase with organic growth of 28.4%, driven by strong demand for the Rao's brand, which achieved 56.0% net sales growth. Despite a net loss of $28.7 million due to an asset sale loss, adjusted net income rose 51.0% to $19.6 million. For FY 2023, the company anticipates net sales between $900-$925 million and Adjusted EBITDA of $130-$135 million, showing continued momentum.
