Utz Brands Inc Stock Price, News & Analysis

Utz Brands, Inc. (NYSE: UTZ) has announced the acquisition of Truco Enterprises for $480 million. This strategic move aims to enhance Utz's position in the tortilla chip sub-category, where Truco’s ON THE BORDER^® brand ranks #3. The deal, expected to close in December 2020, will be accretive to earnings from 2021 onward. Utz anticipates run-rate synergies of at least $5 million, bolstering its portfolio within the $28 billion U.S. Salty Snack category. The acquisition is expected to increase Utz's retail sales and geographic footprint significantly.

Utz Brands, Inc. (NYSE: UTZ), a prominent U.S. salty snacks manufacturer, announced that CEO Dylan Lissette and CFO Cary Devore will participate in a fireside chat at the Jefferies West Coast Consumer Conference. The event is scheduled for Wednesday, November 18, 2020, at 1:10 p.m. ET. Interested listeners can access the live webcast via Utz’s Investor Relations website, with a replay available for 90 days. Utz is known for its diverse range of snack brands and has nearly a century of heritage in the snack food industry.

Utz Brands reported strong financial results for Q3 2020, with net sales rising 24.2% to $248.0 million. Gross profit increased 23.5% to $86.2 million, while adjusted gross profit surged 34.8% to $99.2 million. However, the company faced a net loss of $7.3 million, mainly due to transaction-related expenses from its Business Combination. Despite challenges, adjusted net income rose to $17.9 million, and adjusted EBITDA grew 39.8% to $38.2 million. Utz also increased its fiscal year guidance, anticipating 10-11% net sales growth for FY 2020.

Utz Brands, Inc. (NYSE: UTZ) will report its third-quarter results for the period ended September 27, 2020, on November 5, 2020, before market open. A conference call with the management team will take place at 8:30 a.m. ET. Investors can access the live webcast through the Investor Relations section of Utz's website. Utz is recognized for its diverse range of savory snacks, including popular brands like Utz®, Golden Flake®, and Zapp’s®. The company is headquartered in Hanover, Pennsylvania, and operates fourteen facilities across multiple states.

BOULDER CANYON, a brand under Utz, introduces its new Thin & Crispy potato chips, cooked in avocado oil and available in Classic Sea Salt and Cheddar Sour Cream flavors. This innovation sets the brand apart in the saturated snack market, as it is a leader in healthier options. The launch reinforces BOULDER CANYON's commitment to providing tasty and better-for-you snacks, with its Avocado Oil Sea Salt Potato Chip recognized as a top-selling SKU in the natural foods channel. The chips are made from premium American-grown potatoes.

Utz Brands, Inc. (NYSE: UTZ) has appointed The Sasha Group as its marketing agency of record to enhance its consumer marketing strategy. This partnership aims to accelerate Utz's transition to a digital-first approach, utilizing consumer-led ideas across various audience segments. Bill Blubaugh, SVP of Marketing at Utz, expressed confidence that The Sasha Group's innovative methods will elevate the brand. The collaboration will be spearheaded by The Sasha Group's Chattanooga office, with campaigns set to launch in November 2020.

Utz Brands has appointed Shannan Redcay as Senior Vice President of Innovation and Value Creation to enhance its innovation strategy as snacking demand increases. Redcay will lead initiatives focused on new product categories and formats, responding to evolving consumer needs. In her new role, she aims to deepen connections with consumers by delivering innovative products tailored to their preferences. This strategic move follows Utz's acquisition of Conagra's H.K. Anderson filled pretzel brand, set to close in November 2020, and reflects the company's commitment to enhancing its product diversity.

Utz, the Official Salty Snack of Major League Baseball, will be the presenting sponsor of the 2020 American League Division Series (ALDS) from October 5-9. This marks Utz's third season partnering with MLB, enhancing their engagement through advertising, promotions, and special snack offerings. The ALDS will feature two best-of-five game series broadcast nationally on TBS. Additionally, Utz is hosting the ALDS Crunch Time Sweepstakes on social media with prizes including MLBshop.com credits and a year's supply of Utz products.

Utz Brands, Inc. (NYSE: UTZ) announced its subsidiary, Utz Quality Foods, LLC, has signed a definitive agreement to acquire certain assets of H.K. Anderson from Conagra Brands, Inc. (NYSE: CAG) for under $10 million. This strategic acquisition aims to enhance Utz's position in the filled pretzel market, valued at approximately $100 million, and is expected to close in November 2020. The move is intended to leverage synergies within Utz's salty snack portfolio and capture growth opportunities in the expanding pretzel segment, which saw a 10% sales increase, reaching $1.4 billion.