Operations

US Foods lifts Q3 2022 sales, earnings, boosted by inflation

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November 11, 2022

US Foods lifted its Q3 2022 sales and earnings, boosted by food cost inflation, according to an earnings release. Highlights include:

• Net sales rose 13% from $7.9 billion in Q3 2021 to $8.9 billion for the quarter ending Oct. 2, 2022, driven by food cost inflation of 12%.
• Net income rose from $64 million to $109 million in the comparative quarters.
• EPS rose from 25 cents to 44 cents on a basic basis and from 24 cents to 43 cents on a diluted basis.
• Adjusted diluted EPS rose from 48 cents to 60 cents.
• Total case volume increased 0.7% from the prior year driven by a 2.9% increase in independent restaurant case volume, a 19.7% increase in hospitality volume and a 2.7% increase in healthcare volume, offset by a 6.8% decrease in chain volume.

Shares traded at $32.82 Thursday against a 52-week range of $25.49-$39.73.

The $8.9 billion in quarterly revenue beat analyst expectations by $190 million, while the non-GAAP EPS of 60 cents missed expectations by 1 cent, according to Seeking Alpha.

"US Foods delivered strong results in the third quarter as we continue to execute on the three pillars of our long-range plan, which we introduced earlier this year," Andrew Iacobucci, interim CEO, said in the press release.

The company updated its adjusted diluted EPS to $2.10-$2.20 versus a consensus of $2.17.