Hostess Brands rode favorable snacking trends to a strong first quarter, with net income up 30% year-over-year.
The company reported net revenue of $332 million for the quarter, up 25% from the same quarter last year. Net income was $34.6 million, up from $26.7 million year-over-year.
“Our strong volume growth during the quarter, even as we successfully implemented pricing actions to offset high inflation, underscores favorable snacking behaviors as well as our superior innovation and supply-chain execution,” CEO Andy Callahan said in a statement.
Hostess’s gains were driven by strong point-of-sale growth in both sweet baked goods, up 24.7%, and its Voortman cookie business, up 29%. Hostess acquired Voortman, a leading processor of crème wafers and sugar-free cookies, in 2019.
