Utz Brands, Inc. (NYSE:UTZ) Q1 2022 Earnings Conference Call May 12, 2022 8:30 AM ET
Company Participants
Kevin Powers - Head of IR
Dylan Lissette - CEO & Director
Ajay Kataria - EVP and CFO
Conference Call Participants
Michael Lavery - Piper Sandler
Rupesh Parikh - Oppenheimer
Peter Galbo - Bank of America Merrill Lynch
Bill Chappell - Truist Securities
Robert Moskow - Credit Suisse
Mitchell Pinheiro - Sturdivant & Co.
Operator
Good morning. My name is Joseph, and I will be your conference operator this morning. At this time, I would like to welcome everyone to the Utz Brands First Quarter 2022 Earnings Call. All lines have been placed on mute to prevent any background noise. [Operator Instructions]. Thank you.
Kevin Powers, Head of Investor Relations, you may now begin your conference.
Kevin Powers
Good morning, and thank you for joining us today. On the call today are Dylan Lissette, Chief Executive Officer; Ajay Kataria, Chief Financial Officer; and Cary Devore, Chief Operating Officer.
Dylan and Ajay will make prepared comments this morning and all three will be available to answer questions during our live Q&A session. Please note that some of our comments today will contain forward-looking statements based on our current view of our business, and actual future results may differ materially. Please see our recent SEC filings, which identify the principal risks and uncertainties that could affect future performance.
Before I turn the call over to Dylan, I just have a few housekeeping items to review. Today, we will discuss certain adjusted or non-GAAP financial measures, which are described in more detail in this morning's earnings materials. Reconciliations of non-GAAP financial measures and other associated disclosures are contained in our earnings materials and posted on our website.
Finally, the company has also prepared presentation slides and additional supplemental financial information, which are posted on our Investor Relations website.
And now I'd like to turn the call over to Dylan.
Dylan Lissette
Thank you, Kevin, and good morning, everyone. I'm pleased to report that we had a very strong start to the year from a top line perspective, with record first quarter net sales of nearly $341 million. Our organic net sales increased 20.7%, with a healthy balance of net price realization of 9.4% and volume gains of approximately 11.3%.
Consumer demand for our advantaged portfolio of snacking brands remains robust and price elasticity is better than we anticipated. We are fortunate to participate in a resilient and stable salty snacks category that has proven throughout our history to perform well during both inflationary and recessionary times. In addition, it's great to see our 100-year plus portfolio of brands continue to thrive as our snack foods provide a simple pleasure at a modest cost.