Utz rallies on hiked outlook, better-than-expected Q2 results
Shares of Utz Inc. rallied 8% on Thursday after the salty snacks maker beat Wall Street’s adjusted net income and revenue targets and raised it fiscal 2022 organic net sales outlook by 2%. Utz said its second-quarter profit fell to $3.18 million, or 4 cents a share, from $17.58 million, or 21 cents a share, in the year-ago quarter. Adjusted profit remained flat at 13 cents a share. Revenue increased to $350.15 million from $297.92 million. Utz surpassed the analyst estimates of 11 cents a share and $335.4 million respectively, according to FactSet data. Looking ahead, Utz now expects fiscal 2022 net sales growth of 10% to 12%, instead of 8% to 10%. Including Thursday’s gains, Utz shares are up 21.2% in 2022, compared to a drop of 10.9% by the S&P 500 and a loss of 17% by the Nasdaq .
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