Total case volume increased 4.1%, and independent restaurant case volume rose 9.2%.
The revenue growth was primarily driven by higher total case volume and food cost inflation of 17.3%.
Gross profit increased 19.1% Y/Y to $1.2 billion with a profit margin of 15.3%.
Operating expenses rose 19.1% Y/Y to $1.2 billion. The operating margin was 0.4%, and operating income for the quarter was $34 million.
The company held $190 million in cash and equivalents as of April 2, 2022. Net cash provided by operating activities for the quarter amounted to $158 million.
Adjusted EBITDA of $241 million increased 40.1%, and the margin expanded 40 basis points to 3.1%.
Adjusted EPS of $0.36 missed the analyst consensus of $0.66.
Recently, US Foods disclosed that its CEO Pietro Satriano is leaving the company and will not stand for re-election as director at the upcoming 2022 annual meeting of shareholders. USFD named Robert M. Dutkowsky as Executive Chair and Andrew Iacobucci as Interim CEO.
The company also entered a cooperation agreement with Sachem Head Capital Management LP, and agreed to add James J. Barber, Jr., Scott D. Ferguson, and David A. Toy as new independent directors.
Outlook: US Foods reaffirmed the FY22 guidance provided on February 17, 2022.
Price Action: USFD shares are trading lower by 1.03% at $33.61 on the last check Thursday.