More third-quarter results are in, this time giving us a deeper look at the quarterly success achieved by distributor US Foods. The company has announced strong results, including net sales and gross profit increase.
“We delivered strong results in the third quarter despite the softer macro environment and weather-related challenges which pressured industry case volumes,” said Dave Flitman, Chief Executive Officer. “We executed our strategy-driven operating model to deliver top line growth, a double-digit Adjusted EBITDA increase, and margin expansion. Our team-based go-to-market approach, proven operational playbook, and leading digital solutions enabled our 14th consecutive quarter of market share gains with independent restaurants.”
Here are the third quarter 2024 highlights:
“We delivered another strong quarter of Adjusted EBITDA and grew Adjusted Gross Profit faster than Adjusted Operating Expense,” added Dirk Locascio, Chief Financial Officer. “In the face of the softer macro backdrop, we continue to grow sales, expand margins, and deploy our strong free cash flow. Additionally, we allocated $580 million of capital during the quarter toward share repurchases while maintaining a strong balance sheet. We will continue to take a disciplined approach to executing our share repurchase program.”
During the third quarter of fiscal year 2024, the company repurchased 10.4 million shares of common stock at an aggregate purchase price of $580 million.
At the end of the third quarter, the company had approximately $398 million in remaining funds authorized under its $1 billion share repurchase program.
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