LENEXA, KS — Hostess Brands, Inc. shared its financial results for the first quarter of the year, ending March 31.
Net income was $38.3 million, a $3.7 million increase over the same period last year, and adjusted net income increased slightly to $38.2 million. Net revenue was $345.4 million, a 4% increase from the same period last year. A 14.6% contribution from price and mix helped offset lower volume in the quarter.
“The strength of Hostess Brands’ business model and power of our brands enabled us to deliver another quarter of revenue and profit growth, while lapping very strong year-ago comparisons,” said Andy Callahan, president and CEO of Hostess Brands. “As we continue to build a premier snacking company, Hostess Brands is focused on growing snacking occasions, and we believe that we have the right consumer insights, the right innovation pipeline and the right brand-building strategy in place to deliver long-term sustainable growth and shareholder value.”
The snack company launched several new products during the quarter, including Kazbars, Old Fashioned Donettes and Chocolate Baby Bundts, and Voortman Zero Sugar Mini Wafer.
The company expects to remain on track to achieve net revenue growth of 4%-6% for the full year of 2023.
