Utz (UTZ) Q1 Earnings: What To Expect

Anthony Lee /
2024/05/01 3:13 am EDT

Snack food company Utz Brands (NYSE:UTZ) will be reporting earnings tomorrow before market open. Here's what to expect.

Utz met analysts' revenue expectations last quarter, reporting revenues of $352.1 million, flat year on year. It was a weak quarter for the company, with a narrow miss of analysts' revenue estimates.

Is Utz a buy or sell going into earnings? Read our full analysis here, it's free.

This quarter, analysts are expecting Utz's revenue to decline 1.3% year on year to $346.8 million, a reversal from the 3.1% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.13 per share.

Utz Total Revenue

The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Utz has missed Wall Street's revenue estimates twice over the last two years.

Looking at Utz's peers in the shelf-stable food segment, some have already reported their Q1 results, giving us a hint as to what we can expect. McCormick delivered year-on-year revenue growth of 2.4%, beating analysts' expectations by 3.3%, and Simply Good Foods reported revenues up 5.3%, falling short of estimates by 1.3%. McCormick traded up 8.8% following the results while Simply Good Foods was down 1.2%.

Read our full analysis of McCormick's results here and Simply Good Foods's results here.

Valuation multiples for many growth stocks have not yet reverted to their early 2021 highs, but the market was optimistic at the end of 2023 thanks to cooling inflation. The start of 2024 has been a different story as mixed signals have led to market volatility, and while some of the shelf-stable food stocks have fared somewhat better, they have not been spared, with share prices down 3.6% on average over the last month. Utz is down 3.3% during the same time and is heading into earnings with an average analyst price target of $20.3 (compared to the current share price of $17.63).

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