Why Utz Brands Is Trading Lower Today

Utz Brands Inc UTZ is trading lower Thursday after the company reported worse-than-expected quarterly earnings and revenue.

Utz is a snack food company that produces a variety of potato chips, pretzels, and other snacks. 

What Happened: Utz reported first-quarter earnings of 13 cents per share, which came in below the estimate of 14 cents per share. It reported revenue of $269.2 million, which came in below the estimate of $274.87 million. 

“In the first quarter, we continued to execute against our value creation strategies to position the company for long-term success. Even as we lapped significant outperformance versus the category in the early weeks of the COVID-19 pandemic last year, we are pleased with our Power brands’ sales momentum and the continued growth in our emerging and expansion geographies," said CEO Dylan Lissette.

Utz announced Tuesday it entered into an agreement to acquire Great Lakes Festida Holdings Inc, the owner and operator of Festida Foods, for $41 million.

Price Action: Utz traded as high as $30.09 and as low as $15.98 over a 52-week period. At last check Thursday, the stock was down 6.48% at $23.67.

Photo by Mr.TinDC from Flickr.