US Foods Reports Growth in First Quarter Fiscal 2017 Earnings

One of the largest foodservice distributors in the nation, US Foods, announced results for the first quarter of its 2017 fiscal year. The company noted growth across a range of criteria and attributed this growth to a disciplined and targeted approach to business.

“Our business delivered solid results in the first quarter of fiscal 2017,” said President and CEO Pietro Satriano, in a press release. “Solid volume growth with our targeted customer types helped us deliver Net sales growth of 3.5%, and our disciplined focus on improving profitability led to Adjusted EBITDA growth of over 6% against a strong fiscal 2016 first quarter.”

Highlights of the report include:

• Total case volume increased 4.3%; independent restaurant case volume increased 4.0%.
• Net sales increased 3.5% to $5.8 billion.
• Gross profit of $991 million increased 3.2%.
• Operating income of $77 million decreased $8 million.
• Net income of $27 million increased $14 million.
• Adjusted EBITDA increased 6.1% to $215 million.
• Diluted EPS of $0.12; Adjusted Diluted EPS of $0.18.

“Our M&A pipeline remains active, and the two new acquisitions closed in the first quarter provide opportunities to increase our independent restaurant share and center of the plate capabilities in protein,” added Satriano. “We are confident that the continued execution of our strategy will drive solid results as the year progresses.”

The company noted no changes in its outlook for fiscal 2017.

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