Welcome to our dedicated page for Utz Brands news (Ticker: UTZ), a resource for investors and traders seeking the latest updates and insights on Utz Brands stock.
Utz Brands, Inc. reports news as a U.S. manufacturer of branded salty snacks sold through grocery, mass merchandiser, club, convenience, drug and other retail channels. Its portfolio includes Utz, On The Border Chips & Dips, Zapp’s and Boulder Canyon, with products such as potato chips, tortilla chips, pretzels, cheese snacks, party mixes, pork skins, popcorn, salsa and dips.
Company updates commonly cover quarterly results, guidance, cash flow, leverage, dividends and share repurchase activity. Other recurring developments include product launches across core snack brands, marketing and industry conference presentations, distribution and manufacturing updates, and food-safety actions such as voluntary recalls handled through Utz Quality Foods.
Utz Brands, Inc. (NYSE:UTZ) has declared a quarterly cash dividend of approximately $0.05 per share on its Class A Common Stock. Payment is scheduled for May 10, 2021, to stockholders of record as of April 19, 2021. This dividend will be funded by cash distributions from Utz Brands Holdings to Utz and its other common unit holders. Future dividends will depend on the Board of Directors' assessment of various factors including operational results and financial condition.
Utz Brands has acquired distribution rights for 21 DSD routes in Central Florida from National Food Corp., enhancing its presence in a key market. Florida, the third-largest state for Salty Snacks with $1.8 billion in sales, shows a 7.7% growth. Utz's retail sales in the region reached $48 million in 2020, growing 16.6%, but still only capturing 2.6% of the market. This acquisition aims to boost sales and improve distribution support, aligning with Utz's strategy of increasing market penetration in Florida.
Utz Brands announces a $6 million profit-sharing contribution for its 401K Profit Sharing Plan, benefitting Utz Associates. This contribution reflects the company's retail success and follows over $75 million in contributions since 2000. The announcement comes after Utz's public debut in August and recent acquisitions of ON THE BORDER® chips and dips and Vitner’s®. Despite COVID-19 challenges in 2020, Utz exceeded expectations, attributing success to the efforts of its resilient team. Utz continues to engage and reward its workforce as it approaches its 100-year anniversary.
Utz Brands reported strong fiscal fourth quarter results for 2020, with net sales reaching $246.3 million, up 22.1% year-over-year. The company achieved adjusted net income of $20.4 million, a significant increase from $0.5 million in Q4 2019. Full-year net sales totaled $964.3 million, a 25.5% increase, driven by robust performance in Power Brands and an additional week of sales from a 53-week fiscal year. Looking forward, Utz projects modest organic growth in 2021, estimating net sales consistent with 2020 levels and adjusted EBITDA between $180-$190 million.
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Utz Brands, Inc. (NYSE: UTZ) plans to report its fourth quarter and full year 2020 financial results on March 18, 2021, before the market opens. A conference call and webcast with the executive management team will follow at 8:30 a.m. Eastern Time, allowing investors to gain insights into the Company's performance. Utz is a leading manufacturer of branded salty snacks with a diverse portfolio, including brands like Utz® and ON THE BORDER® Chips & Dips. For more details, visit their Investor Relations website.
Utz Brands, Inc. (NYSE: UTZ) has successfully closed a $720 million Term Loan B refinancing, extending its maturity to 2028. This new financing, driven by strong investor demand, will lower the Company’s cash interest costs by $3.6 million annually and enhance financial flexibility for growth. The new loan, combined with approximately $181 million from warrant redemptions, has fully repaid a $490 million Bridge Credit Facility and refinanced a previous $410 million Term Loan B. The increase in Utz's ABL revolving credit facility to $161 million further supports this refinancing strategy.
Utz Brands has announced a definitive agreement to acquire certain assets of the Vitner’s brand from Snak-King Corp for $25 million. This acquisition includes valuable intellectual property and DSD distribution assets, expected to enhance Utz's market share in the Chicago metropolitan area, increasing its position from #7 to #4 in the salty snacks market. With 55 DSD routes, Utz aims to leverage Vitner’s brand to grow its Power Brands and transition most production to its facilities. The transaction is projected to be accretive to earnings starting in 2021.
Utz Brands, Inc. (NYSE: UTZ) appointed Kevin Powers as Senior Vice President of Investor Relations, effective January 4, 2021. Powers brings nearly 15 years of experience in investor relations, particularly in consumer packaged goods and retail sectors. He previously served as VP of Investor Relations at CommScope and held roles at Snyder’s-Lance and Campbell Soup Company, among others. CEO Dylan Lissette expressed confidence in his ability to enhance Utz's relationships with the investment community and drive sustainable growth for long-term shareholder value.
Utz Brands, Inc. (NYSE: UTZ) announced that CEO Dylan Lissette and CFO Cary Devore will host a fireside chat at the 2021 ICR Conference on January 13, 2021, at 8:30 a.m. ET. The discussion will cover key company insights and strategies. Investors can access the live webcast via the Events & Presentations section on Utz's Investor Relations website, with a replay available for 90 days post-event. Utz is a prominent U.S. manufacturer of salty snacks, offering brands like Utz®, On The Border®, and Zapp’s®.