(USFD) – Food cost inflation boosts US Foods Holding’s second quarter performance – Read on for details

  • U.S. Foods Holding Corp. USFD reported second-quarter FY22 sales growth of 15.2% year-on-year to $8.83 billion, beating consensus of $8.74 billion.
  • The company attributed the growth in net sales to food cost inflation of 15% from the same quarter a year ago.
  • Total checkout volume and independent restaurant checkout volume remained stable.
  • Gross profit increased 18.3% year-over-year to $1.4 billion with a profit margin of 15.7%.
  • Operating expenses increased 18% year-on-year to $1.2 billion. Operating margin was 1.7% and operating profit for the quarter was $150 million.
  • The company held $197 million in cash and cash equivalents as of July 2, 2022. Net cash provided by operating activities for six was $259 million.
  • Adjusted EBITDA of $368 million increased 10.8% and margin contracted 10 basis points to 4.2%.
  • Adjusted EPS was $0.67 versus $0.58 last year.
  • Outlook: US Foods sees adjusted EPS for FY22 of $1.95 to $2.25. Adjusted EBITDA of $1.2 billion – $1.3 billion.
  • Price action: USFD shares are trading up 0.74% at $32.54 when last checked on Thursday.
  • Photo via company