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US Foods Q1 Earnings Lags Street View; Reaffirms FY22 Outlook

By Shivani Kumaresan
  • US Foods Holding Corp (NYSE:USFD) reported first-quarter FY22 sales growth of 23.9% year-on-year, to $7.8 billion, missing the consensus of $8.59 billion.
  • 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.
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Dive Deeper:
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Tapestry Q3 Earnings Top Estimates; Cuts FY22 Outlook
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One subscription that gives you access to news from hundreds of sites
Why Real Good Food Shares Are Gaining Today
Real Good Food Company Inc (NASDAQ:RGF) reported first-quarter FY22 sales growth of 124% year-on-year to $37.58 million, beating the consensus of $32.47 million.…
Olaplex Clocks 58% Top-Line Growth In Q1; Affirms FY22 Forecast
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Get all your news in one place