Utz Brands, Inc. (NYSE:UTZ) (“Utz” or the “Company”), a leading U.S. manufacturer of branded salty snacks, today announced that its Board of Directors has approved an annual dividend increase from $0.216 to $0.228 per share. This increase is supported by the Company’s growth since going public in 2020.
The increase is effective as of today, and the Utz Board of Directors has declared a regular quarterly cash dividend of approximately $0.057 per share on the Company’s Class A Common Stock. Payment is expected to be made by the Company on January 5, 2023, to stockholders of record at the close of business on December 19, 2022.
The cash dividend will be funded by cash distributions made by Utz Brands Holdings, LLC (“Utz Brands Holdings”) to Utz and the other holders of Utz Brands Holdings’ common units on a pro-rata basis.
Future declarations of quarterly or other dividends are subject to the determination and discretion of Utz’s Board of Directors based on its consideration of various factors, including the Company’s results of operations, financial condition and other factors that Utz’s Board of Directors may deem relevant.
