Vending

US Foods improves Q2 2022 results

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August 12, 2022

US Foods Holding Corp. improved its sales and earnings for Q2 2022 against the prior year period, exceeding analysts' revenue expectations, according to a press release. Highlights include:

• Net sales rose 15.2% from $7.6 billion in Q2 2021 to $8.83 billion for the quarter ending July 2, 2022, driven by food cost inflation of 15% compared to the same quarter a year ago.
• Total case volume was flat to the prior year driven by flat independent restaurant case volume, a 35% increase in hospitality volume and a 2.4% increase in healthcare volume, offset by an 8.7% decrease in chain volume.
• Net income rose 32.6% from $46 million to $61 million in the comparative quarters.
• Diluted EPS (GAAP) rose from 20 cents to 27 cents, while Diluted EPS (non-GAAP) rose from 58 cents to 67 cents.

Shares traded at $32.48 on Thursday against a 52-week range of $27.50-$39.73.

The $8.83 billion in quarterly revenue beat analyst expectations by $130 million, while the non-GAAP EPS of 67 cents missed expectations by 1 cent, according to Seeking Alpha.

"Our results this quarter demonstrate significant progress on the execution of our long-range plan," Andrew Iacobucci, interim CEO, said in the press release. "We remain well-positioned to deliver profitable growth and value for our shareholders in a challenging macro environment and I am confident in our ability to achieve our 2022 outlook and long-range plan."

The company adjusted its diluted EPS to $1.95-$2.25 against a consensus of $2.26.