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Rao’s parent Sovos Brands reports better-than-expected earnings, gives upbeat guidance

34930 raos parent sovos brands reports better than expected earnings gives upbeat guidance

Sovos Brands Inc. SOVO, -2.26% shares rose 1.6% in Tuesday premarket trading after the food company reported fourth-quarter profit and sales that beat expectations. Net loss totaled $3.8 million, or 4 cents per share, after a loss of $479,000 or a penny per share, last year. Adjusted EPS of 13 cents beat the FactSet consensus for 11 cents. Sales of $189.2 million were up from $161.7 million and ahead of the FactSet consensus for $183.9 million. Sovos brands include Rao’s pasta and sauce and Noosa yogurt. Sovos is guiding for fiscal 2022 sales of $800 million to $815 million. The FactSet consensus is for $779.5 million. Sovos stock began trading in September 2021. Shares have slumped 32% over the past three months while the S&P 500 index SPX, -0.74% is down 11.4%.

Source: Marketwatch

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