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US Foods Reports Third Quarter Fiscal 2018 Earnings, Pietro Satriano Cites Solid Growth

US Foods Reports Third Quarter Fiscal 2018 Earnings, Pietro Satriano Cites Solid Growth

Tuesday, November 6th, 2018

US Foods' focus on customer service looks to be paying off. The foodservice giant has reported solid growth in profits and EBITDA in its third quarter of fiscal 2018 despite decreases in net sales and total case volume.

Pietro Satriano, President and Chief Executive Officer, US Foods"Adjusted EBITDA growth was solid at 6.0% for the third quarter, and we continued to expand gross profit dollars per case," said Chairman and CEO Pietro Satriano, in a press release. "We also delivered organic independent restaurant case volume growth of 3.1% for the quarter, an improvement over the first half of the year. Our initiatives to improve customer service levels are showing early positive results, and we expect this momentum to continue to accelerate total case growth as we finish the year."

Additional highlights in Q3 included:

  • Total case volume decreased 0.8%; independent restaurant case volume increased 3.3%
  • Net sales decreased 0.8% to $6.2 billion
  • Gross profit of $1.1 billion increased 0.9%
  • Income before income taxes decreased $6 million to $141 million
  • Net income increased $18 million to $114 million
  • Adjusted EBITDA increased 6.0% to $283 million
  • Diluted EPS of $0.52; Adjusted Diluted EPS of $0.55

US Foods beat analysts’ estimates with its earnings, and shares of the company’s stock had rallied more than 12% by 11:15 am EST, November 6, 2018, according to financial news sources.

US Foods announced the results of its third quarter fiscal 2018

In addition, US Foods adjusted portions of its fiscal outlook for the 2018 year. The company now expects total case volume to be down roughly 1% and net sales to decrease 0% to 1%. The company expects Adjusted EBITDA growth of approximately 5% and Adjusted Diluted EPS of approximately $2.03-$2.08.

For more news from the foodservice industry and beyond, keep following Deli Market News.

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