Foodservice
UNFI boosts Q3 2022 results, upgrades 2022 outlook
June 9, 2022
United Natural Foods Inc. improved its Q3 2022 results and upgraded its full-year 2022 outlook, according to an earnings report.
Highlights include:
- Net sales increased 9.2% from $6.63 billion in Q3 2021 to $7.24 billion for the quarter ending May 1, 2022, primarily driven by inflation and new business from both existing and new customers, including the benefit of cross selling, partially offset by supply chain challenges and modest market contraction.
- Net income rose from $48 million to $67 million in the comparative quarters, which included an $88 million pre-tax gain on sale of assets of related to a distribution center, a $72 million pre-tax LIFO charge, and $8 million of pre-tax restructuring, acquisition and integration related expenses.
- Net income per diluted share rose from 79 cents to $1.10 while adjusted EPS rose from $1.00 to $1.10.
Shares traded today at $41.81 against a 52-week range of $30.61-$57.89.
The $7.24 billion in quarterly revenue beat analyst expectations by $150 million and the EPS of $1.10 beat expectations by 12 cents, according to Seeking Alpha.
"Our third quarter performance further demonstrates UNFI's agility and its focus on servicing customers despite a challenging operating environment," CEO Sandy Douglas said in the press release. "It's apparent that our 'Fuel the Future' strategy is working and beginning to benefit our customers."
The company revised its full year outlet for net sales from $27.8 billion - $28.3 billion to $28.8 billion - $29.1 billion; full year net income from $221 million - $24.3 million to $230 million - $245 million; and full year EPS from $3.60 - $3.90 to $3.75 - $4.00.
