Utz Brands sees FY23 net revenue growth 3%-5%, consensus $1.45B

Sees FY23 organic revenue growth 4%-6%. Net sales growth is expected to be driven by net price realization, increased marketing and innovation, and continued distribution gains of the company’s Power Brands, partially offset by the Company’s SKU rationalization program. Based on these assumptions, the company expects sales volumes consistent with FY22. Sees FY23 adjusted EBITDA growth of 6%-10% as gross margin expansion is expected to more than offset higher advertising and marketing expenses, and continued investments in capabilities and selling infrastructure. The company also expects capital expenditures of $50M-$55M.