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US Foods Reports Second Quarter Fiscal 2018 Earnings

Posted in BLOG

Monday, July 30, 2018

By Mark Hampton

Tags: Earnings Reports

ROSEMONT, Ill.--(BUSINESS WIRE)--

US Foods Holding Corp. (USFD), one of the largest foodservice distributors in the United States, today announced results for second quarter fiscal 2018.

Second Quarter 2018 Highlights

• Total case volume decreased 0.9%; independent restaurant case volume increased 3.8%
• Net sales of $6.2 billion were flat compared to prior year
• Gross profit of $1.1 billion increased 5.7%
• Income before income taxes increased $76 million to $161 million
• Net income increased $61 million to $126 million
• Adjusted EBITDA increased 4.9% to $300 million
• Diluted EPS of $0.58; Adjusted Diluted EPS of $0.57

Six Month Highlights

• Total case volume decreased 1.6%; independent restaurant case volume increased 4.0%
• Net sales increased 0.3% to $12.0 billion
• Gross profit of $2.1 billion increased 3.0%
• Income before income taxes increased $104 million to $223 million
• Net income increased $101 million to $193 million
• Adjusted EBITDA increased 4.4% to $523 million
• Diluted EPS of $0.89; Adjusted Diluted EPS of $0.92

CEO Perspective

“Our focus on improving profitability across our customer base is continuing to deliver positive results, with gross profit per case expanding $0.16 from the prior year,” said Chairman and CEO Pietro Satriano. “Adjusted EBITDA grew a solid 4.9% for the quarter. While our volume growth with independent restaurants was solid, it fell below our expectation, mostly due to some operational challenges. We are working diligently to address these and we expect to see accelerating volumes in the second half of the year.”

https://finance.yahoo.com/news/us-foods-reports-second-quarter-104500496.html?.tsrc=rss