Shares of snack food company Utz Brands, Inc. (UTZ) are falling more than 10% Thursday morning after the company's sales in the first quarter missed analysts' view.
Net sales for the quarter increased 3.1% year-over-year to $351.43 million, but missed the average estimate of analysts polled by Thomson-Reuters of $352.45 million.
The company reported a net loss of $14.5 million or $0.11 per share for the first quarter compared with $31.9 million or $0.22 per share loss in the year-ago period.
Excluding one-time items, Utz posted earnings of $15 million or $0.11 per share. The consensus estimate was for $0.10 per share.
Looking forward, the company has backed its full-year sales growth outlook at 3%-5%. Analysts expect sales to grow 4.2% for the year.
UTZ is at $16.35 currently. It has traded in the range of $12.18-$19.98 in the last 52 weeks.
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