Core Insights - Oppenheimer Asset Management Inc. increased its stake in Utz Brands by 23.7% during Q2, owning 36,797 shares valued at $462,000 [2] - Institutional investors and hedge funds collectively own 95.97% of Utz Brands' stock, indicating strong institutional interest [3] Institutional Activity - Janney Montgomery Scott LLC acquired a new position valued at approximately $196,000 in Q1 [3] - Vanguard Group Inc. raised its holdings by 7.2%, now owning 7,439,869 shares worth $104,753,000 after acquiring an additional 501,374 shares [3] - Ameriprise Financial Inc. increased its holdings by 38.0%, owning 5,671,757 shares valued at $79,858,000 after acquiring 1,560,884 shares [3] - GW&K Investment Management LLC raised its holdings by 19.7%, now owning 1,531,986 shares worth $21,570,000 [3] Analyst Ratings - UBS Group lowered its price target from $13.50 to $11.50, maintaining a "neutral" rating [4] - Barclays reiterated an "overweight" rating with a price target of $14.00 [4] - TD Cowen reduced its price target from $14.00 to $12.00, setting a "hold" rating [4] - The consensus rating for Utz Brands is "Moderate Buy" with a target price of $16.07 [4] Stock Performance - Utz Brands stock opened at $10.52, with a market cap of $1.49 billion [5] - The company has a PE ratio of 150.34 and a price-to-earnings-growth ratio of 1.41 [5] - The stock has a 12-month low of $10.19 and a high of $18.29 [5] Financial Results - For the latest quarter, Utz Brands reported an EPS of $0.23, meeting consensus estimates [6] - Revenue for the quarter was $377.80 million, up 3.4% year-over-year, exceeding the consensus estimate of $374.25 million [6] - The company has set FY 2025 EPS guidance at 0.824-0.847 [6] Dividend Information - Utz Brands announced a quarterly dividend of $0.061, representing an annualized yield of 2.3% [7] - The dividend payout ratio is currently 342.86% [7] Insider Transactions - Director Christina Choi sold 5,703 shares at an average price of $13.63, resulting in a 14.47% decrease in her position [8] - Insiders currently own 16.32% of the stock [8] Company Overview - Utz Brands, Inc. specializes in the manufacture, marketing, and distribution of snack foods, offering a variety of products including potato chips, pretzels, and popcorn under various brand names [9]

Financial Data and Key Metrics Changes - The company has maintained its expectation for EBITDA margins of around 16% in 2026, with an anticipated 100 basis points of expansion each year [23][28] - The company reported a 1% drag on pricing in the recent quarter, which was in line with expectations [42][46] Business Line Data and Key Metrics Changes - The company is seeing strong growth in its Boulder Canyon brand, which is the number one potato chip brand in the natural channel, with velocities up about 35% [80] - The On the Border brand is experiencing short-term challenges, but management believes these issues are not structural and can be addressed [76][78] Market Data and Key Metrics Changes - The company has a 1.9% market share in California, which represents a significant opportunity as the state accounts for about 10% of the salty snacks category in the U.S. [41] - Expansion markets such as Florida, Illinois, Colorado, and Missouri are averaging about 6% growth, outperforming the average expansion market share [114][115] Company Strategy and Development Direction - The company plans to make incremental investments to support its expansion into California, leveraging a proven playbook from previous market entries [26][27] - The strategy focuses on holding core markets while expanding into new geographies, with a strong emphasis on innovation and communication to drive growth [111][112] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the salty snacks category, noting that consumer participation is increasing and the pricing environment remains rational [120][121] - The company is committed to increasing marketing investments, particularly in retail media, to drive consumer engagement and support brand growth [124][125] Other Important Information - The company is addressing recent challenges related to potato supply quality, which impacted gross margins, but expects these issues to be isolated and resolved [61][66] - The company is focused on productivity improvements and supply chain optimization to enhance operational efficiency and support top-line growth [98][102] Q&A Session Summary Question: Can you elaborate on the California route acquisition and its impact? - Management indicated that the acquired network will allow for product introduction in early 2026, with confidence in driving growth through existing customer relationships [40] Question: What is the outlook for pricing and volume mix? - The company experienced a 1% drag on pricing but expects to manage this through effective revenue management strategies [46][47] Question: How does the competitive landscape affect the company? - Management views competitor innovations as a net positive for the category, as they can drive consumer interest and engagement [88][90] Question: What are the expectations for market share dynamics? - The company is seeing incremental market share gains in core markets, driven by strong relationships with retailers and effective execution [111][112] Question: What is the company's approach to innovation? - Management believes that innovation can drive category growth and is focused on simplifying ingredients and addressing consumer trends [130][133]

Core Insights - NRSInsights reported a year-over-year increase in same-store sales of 2.3% for March 2025, down from a 3.5% increase in February 2025 [6][12] - The NRS retail network includes approximately 35,200 active terminals across 30,700 independent retailers, primarily serving urban consumers [2][18] Sales Performance - Same-store sales increased by 5.3% compared to February 2025, which had a 6.1% increase from January 2025 [7] - For the three months ending March 31, 2025, same-store sales rose by 2.9% compared to the same period last year [7] - Units sold increased by 2.4% year-over-year, with a 4.9% increase compared to February 2025 [7] - Average prices for the top 500 items purchased rose by 2.1% year-over-year, slightly lower than the 2.3% increase in February 2025 [7] Transaction Metrics - Baskets (transactions) per store increased by 0.2% year-over-year and by 6.2% compared to February 2025 [7] - The NRS network processed $2.0 billion in sales during March 2025, representing a 16% year-over-year increase [18] Category Performance - Strong sales were noted in categories such as Energy Beverages, Soft Drinks, and Modern Oral Smokeless Tobacco, while Chocolates and Gum also showed positive growth [12][13] - Categories with decreased sales included Beer, Whiskey, and Salty Snacks, with notable declines in Tortilla Chips and Potato Chips [14] Comparative Analysis - Over the past twelve months, the NRS network's three-month moving average same-store sales outperformed the U.S. Commerce Department's data by an average of 0.8% [10] - In March, the U.S. Commerce Department's three-month rolling average increase exceeded that of the NRS network by 0.8% [10]

Core Insights - NRSInsights reported a year-over-year increase in same-store sales of 2.3% for March 2025, a decrease from the 3.5% increase in February 2025 [6][11] - The NRS retail network includes approximately 35,200 active terminals across 30,700 independent retailers, primarily serving urban consumers [2][17] - The data indicates a general cooling of inflationary pressures, with dollar sales increases being geographically widespread [11] Sales Performance - Same-store sales increased 5.3% compared to February 2025, while units sold increased 2.4% year-over-year [6][7] - For the three months ending March 31, 2025, same-store sales rose 2.9% compared to the same period last year [7][16] - Average prices for the top 500 items purchased increased by 2.1% year-over-year, slightly lower than the 2.3% increase in February 2025 [6][12] Transaction Metrics - Units sold increased by 4.9% compared to February 2025, while baskets (transactions) per store increased by 0.2% year-over-year [7][12] - Baskets per store saw a significant increase of 6.2% compared to the previous month [7][12] Category Performance - Strong sales were noted in categories such as Energy Beverages, Soft Drinks, and Modern Oral Smokeless Tobacco, while Chocolates also performed well [11][12] - Categories experiencing decreased sales included Beer, Whiskey, and various snacks, with notable exceptions like Tequila showing gains [12][13] Comparative Data - Over the past twelve months, the NRS network's three-month moving average same-store sales outpaced the U.S. Commerce Department's data by an average of 0.8% [9] - In March, the U.S. Commerce Department's three-month rolling average increase exceeded that of the NRS network by 0.8% [9] Transaction Volume - In March 2025, NRS' POS terminals processed $2.0 billion in sales, representing a 16% year-over-year increase across 134 million transactions [17]