Feeling saucy: Sovos rides Rao’s success in first quarter

LOUISVILLE — Sales of Rao’s pasta sauce “exceeded expectations” for food-brands umbrella company Sovos Brands Inc. (Nasdaq: SOVO) in the first quarter, resulting in higher year-over-year earnings and the raising of the company’s full-year revenue expectations.

The company posted a net income of $7.8 million on sales of $252.8 million in the first quarter of 2023, up from $4.1 million in earnings on $209.9 million in sales for the same period last year.

“Rao’s net sales of $189.2 million exceeded expectations, increasing 37.7% year-over-year,” the company said, while the sauce brand “achieved number one dollar share in the food channel in the…