NYSE$UTZ
Utz Brands Inc · Q1 2021 earnings
Q1 2021 earnings · · Investor relations
Briefing
Utz Brands reported financial results for the first quarter of 2021, showing increased net sales and adjusted EBITDA.
Utz Brands reported an 18.0% increase in net sales to $269.2 million, driven by acquisitions and favorable price/mix, despite volume declines due to transitory events. Adjusted EBITDA increased by 29.8% to $37.9 million, with margin expansion primarily due to the acquisition of Truco. The company reaffirms its full-year outlook.
- Net sales increased by 18.0% to $269.2 million, driven by acquisitions and favorable price/mix.
- Pro Forma Net Sales decreased 2.2% to $269.2 million compared to the previous year.
- Adjusted EBITDA increased 29.8% to $37.9 million, with margin expansion to 14.1%.
- The company is reaffirming its full-year outlook, expecting modest organic sales growth and Adjusted EBITDA between $180 and $190 million.
Headline financials
Revenue & EPS history
Utz · Revenue · Quarterly
$269M
Forward guidance
For the 52-week fiscal year ending January 2, 2022, the Company is reaffirming its full-year outlook previously provided on March 18, 2021.
Tailwinds
- Net sales consistent with 2020 Pro Forma Net Sales of $1.16B with modest organic sales growth year over year.
- The Company’s projected pro forma two-year CAGR for fiscal 2020 and 2021 of approximately 6% is above the Company’s long-term growth outlook of 3 – 4%.
- Adjusted EBITDA of $180 – $190 million versus 2020 Further Adjusted EBITDA of $181 million, delivering a margin of approximately 16%.
- Adjusted Earnings Per Share of $0.70 – $0.75, which excludes step-up depreciation & amortization (“D&A”), stock compensation expense, and non-recurring items.
- Expecting 200 – 250 Independent Route (“IO”) conversions
Headwinds
- The Company’s full-year outlook excludes the impact of the pending acquisition of Festida Foods, which is expected to close in the second quarter of 2021.
- Expecting commodity inflation of approximately 4%
- Effective cash tax rate of 23.0 - 25.0% (% of pre-tax book income)
- Net leverage ratio of approximately 3.5x by end of 2021
- Macroeconomic environment continues as it has for the last several months and (ii) there is no significant change on the Company from the impact of COVID-19.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2021
-0.2%
Avg return
Earnings day
+0.1%
Avg return
5 days after
-1.1%
Avg return
30 days after
55%
12 / 22 earnings
Positive
+15.2%
Q1 2022
Best reaction
-13.4%
Q3 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.8% | -6.2% | -8.1% | |
| Q4 2025 | -4.8% | +2.9% | -19.2% | |
| Q3 2025 | -13.4% | -15.4% | -18.9% | |
| Q1 2025 | -8.7% | -8.8% | -0.5% | |
| Q4 2024 | +2.8% | +5.0% | +1.9% | |
| Q3 2024 | +7.0% | +6.3% | +7.4% | |
| Q2 2024 | +9.5% | +12.5% | +13.8% | |
| Q1 2024 | +6.1% | +4.6% | +2.3% | |
| Q4 2023 | -4.5% | -4.0% | +0.5% | |
| Q3 2023 | +1.1% | +6.6% | +11.5% | |
| Q2 2023 | +2.3% | -1.3% | -10.9% | |
| Q1 2023 | -7.3% | -5.4% | -13.9% | |
| Q4 2022 | +5.1% | +6.6% | +1.0% | |
| Q3 2022 | +5.4% | +8.2% | +11.7% | |
| Q2 2022 | -4.5% | -4.3% | -9.8% | |
| Q1 2022 | +15.2% | +14.2% | +4.1% | |
| Q4 2021 | -8.9% | -3.0% | +4.0% | |
| Q3 2021 | +8.4% | +7.2% | +0.1% | |
| Q2 2021 | -9.9% | -13.6% | -7.2% | |
| Q1 2021 | -7.1% | -8.2% | -6.4% | |
| Q3 2020 | -0.3% | -2.1% | +12.1% | |
| Q4 2019 | +0.1% | -0.1% | +0.2% |
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