Hostess Brands Has Strong Quarter Despite COVID-19

Hostess Brands had a favorable first quarter despite the onslaught of the COVID-19 pandemic, with revenues rising in the double digits.

Sales rose 14.4 percent, hitting $243.5 million, mostly due to the $320-million acquisition of Voortman Cookies Limited in December.

“We achieved strong results exceeding our expectations during the beginning of the first quarter prior to the impacts of COVID-19,” said Andy Callahan, the Hostess’ president and chief executive officer. “In light of the COVID-19 pandemic we have implemented meaningful changes to our operations to address our primary concern for the health and safety of our employees as we execute through this unprecedented operating environment. 

Net income fell to $2.6 million, down from $26 million due to the cost of the Vooortman transaction, the company said.

Read the Hostess quarterly report.