Vending

US Foods lifts Q1 2022 sales, earnings

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April 21, 2022

US Foods Holding Corp. delivered strong Q1 2022 results and reaffirmed its outlook for fiscal 2022, according to an earnings report. Highlights include:

• Net sales rose 24% from Q1 2021 to $7.8 billion for Q1 2022, driven by higher total case volume and food cost inflation of 17%.
• Total case volume increased 4% from the prior year driven by a 3% increase in total restaurant volume, a 64% increase in hospitality volume and a 1% increase in healthcare volume.
• Total restaurant volume growth was driven by a 9% increase in independent restaurant case volume and the successful onboarding of profitable chain business acquired over the last year.
• Adjusted net income rose 196.3% from $27 million to $80 million in the comparative quarters.
• Net loss available to shareholders improved to $16 million while diluted EPS loss stood at 7 cents.
• Adjusted diluted earnings per share rose 200% from 12 cents to 36 cents.

Shares traded at $39.18 today against a 52-week range of $30.02-$42.10.

The $7.8 billion in quarterly revenue surpassed analyst expectations of $7.52 billion while the 36-cent EPS surpassed expectations of 22 cents, according to Seeking Alpha.

"We drove strong results in the first quarter, reflecting the momentum we are building through continued execution of the initiatives that support our balanced long-range plan," CEO Pietro Satriano said in the press release. "We continued to accelerate profitable market share growth, gross margin expansion and cost reduction to deliver one of our strongest quarters since the pandemic began, despite continuing to endure COVID-19 impacts and industry-wide supply chain challenges.

"Our strong performance, coupled with ongoing progress we are advancing across our initiatives, underscores our confidence in the 2022 outlook, as well as our long-range plan."

For an update on how the coronavirus pandemic has affected convenience services, click here.