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US Foods improves Q2 2022 results

US Foods improves Q2 2022 resultsLogo provided.

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.

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