Foodservice

US Foods lifts Q2 2023 sales, earnings

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August 10, 2023

US Foods Inc. lifted its sales and income for Q2 2023 against the prior year's quarter, according to an earnings report. Highlights include:

• Net sales rose 2.1% from $8.8 billion in Q2 2022 to $9.01 billion for the quarter ending July 1, 2023, driven by case volume growth partially offset by food cost deflation of 0.3%. Total case volume increased 2.7% from the prior year driven by a 4.8% increase in independent restaurant case volume, a 6.9% increase in hospitality volume and a 6.6% increase in healthcare volume, offset by a 4.5% decrease in chain volume.
• Net income rose from $70 million to $182 million in the comparative quarters.
• Diluted EPS rose from 27 cents to 73 cents while basic EPS rose from 27 cents to 76 cents.
• Adjusted diluted EPS rose from 67 cents to 79 cents.

Shares traded today at $41.29 against a 52-week range of $25.49 to $44.52.

The $9.01 billion in quarterly revenue missed analyst expectations by $290 million while the non-GAAP EPS of 79 cents beat expectations by 3 cents, according to Seeking Alpha.

"I am proud that our team continued to build on our momentum by delivering another very strong quarter," Dave Flitman, CEO, said in the press release. "The resiliency of our business model and laser focus on execution is driving sustained improvement and creating shareholder value."

The company updated its adjusted diluted EPS of $2.55-$2.65, compared to previous guidance of $2.45-$2.65.