Why Utz Brands Stock Fell on Thursday
Utz Brands (NYSE: UTZ) shareholders lost ground to the market Thursday morning -- the stock had slumped by 5% as of noon ET compared to a 0.6% decline in the S&P 500. The snack food specialist was still narrowly outpacing the wider market for 2023, though, with a 9% gain year to date.
Thursday's decline was sparked by an earnings update that failed to meet Wall Street's high expectations.
In a premarket earnings announcement, Utz Brands revealed solid demand trends through March. Organic revenue rose by 4%, on top of a 21% spike in the prior-year period. And its gross profit margin held roughly steady at 30% of sales. "Our business momentum continued," CEO Howard Friedman said in the earnings press release.
Source Fool.com
