Benzinga -
- US Foods Holding Corp (NYSE: USFD) reported third-quarter FY22 sales growth of 13.1% year-on-year to $8.92 billion, beating the consensus of $8.75 billion.
- Total case volume rose 0.7% and independent restaurant case volume grew 2.9%.
- Gross profit increased 17.6% Y/Y to $1.5 billion with a profit margin of 16.3%.
- Operating expenses rose 12.7% Y/Y to $1.2 billion. The operating margin was 2.4%, and the operating income was $214 million.
- The company held $366 million in cash and equivalents as of October 1, 2022. Net cash provided by operating activities for nine months amounted to $613 million.
- Adjusted EBITDA of $351 million, increased 20.6% Y/Y.
- Adjusted EPS was $0.60, missing the $0.61 estimate.
- The company's Board of Directors has approved a share repurchase program to repurchase up to $500 million of its shares.
- Outlook: US Foods tightens FY22 adjusted EPS outlook to $2.10 - $2.20 from $1.95 - $2.25 versus an estimate of $2.17.
- It sees Adjusted EBITDA of $1.28 billion- $1.30 billion (prior view $1.20 billion-$1.30 billion).
- Price Action: USFD shares are trading higher by 8.88% at $32.36 on the last check Thursday.
- Photo Via Company