US Foods Holding Corp. USFD shares are trading higher after the company reported second-quarter results.
The company reported adjusted earnings per share of 93 cents, in line with the street view.
Quarterly sales of $9.70 billion (+7.7%) outpaced the analyst consensus of $9.64 billion.
Total case volume increased by 5.2%, with independent restaurant case volume up by 5.7%.
Gross profit rose 7.2% to $1.7 billion, and net income was $198 million. Adjusted EBITDA grew 13.2% to $489 million.
Net debt at the end of the second quarter of the fiscal year was $4.3 billion.
During the second quarter, the company repurchased 0.7 million shares of common stock at an aggregate purchase price of $41 million.
In the second quarter, the company acquired IWC Food Service, a broadline distributor in the greater Nashville area, for about $220 million.
The acquisition, funded with cash from operations, was completed on April 5, 2024.
Outlook: The company is reiterating its fiscal year 2024 guidance, with net sales expected to be $37.5 billion – $38.5 billion (versus $37.87 estimate), adjusted EBITDA between $1.69 billion and $1.74 billion, and adjusted EPS between $3.00 and $3.20 (versus $3.11 estimate).
Price Action: USFD shares are trading higher by 1.96% to $52.10 at last check Thursday.
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