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US Foods Reports Second Quarter Fiscal 2021 Earnings; Touts Rising Demand; CEO Pietro Satriano Discusses

US Foods Reports Second Quarter Fiscal 2021 Earnings; Touts Rising Demand; CEO Pietro Satriano Discusses


ROSEMONT, IL
Monday, August 9th, 2021

Top-line growth headlines US Foods’ second quarter fiscal 2021 results. The distributor has found success in the re-opening of restaurants, and saw its gross profit increase by 74.2 percent to $1.2 billion, a $498 million boost from the prior year.

Pietro Satriano, Chairman and Chief Executive Officer, US Foods"The commitment to excellence demonstrated by our associates has fueled our very strong second quarter results," said Chairman and Chief Executive Officer Pietro Satriano. "As markets around the United States reopen without restrictions, we have seen strong demand for our products, services and consultative expertise. While supply chain labor is expected to remain challenging for the next few quarters, we remain focused on delivering profitable growth as our industry continues to recover."

In addition to a gross profit boom, the distributor also saw case volume and organic case volume skyrocket. According to a press release, total case volume increased a 53.5 percent, with independent restaurant case volume shooting up 79.1 percent. Total organic case volume saw a 50.3 percent increase for the quarter, while organic independent case volume saw a whopping 74.4 percent gain, showing that foodservice is beginning to make a comeback following the past year and a half of dormancy.

US Foods released its second quarter fiscal 2021 results, reporting that gross profit increased 74.2 percent to $1.2 billion, a $498 million boost from the prior year

Other highlights from the US Foods’ Second Quarter Fiscal 2021 results include:

  • Net sales of $7.7 billion, a 68 percent increase from the year prior
  • Net income available to common shareholders was $46 million
  • Adjusted EBITDA increased 277.3 percent to $332 million
  • Diluted EPS was $0.20; Adjusted Diluted EPS was $0.58

As part of the release, the company also announced its Six Month Fiscal 2021 standings. Overall, US Foods revealed that its net sales for the period had increased 28.1 percent from the year prior to $14 billion. Gross profit also rose 25 percent from the year prior to $2.2 billion, a $435 million increase from the same period in 2020. US Foods’ adjusted EBIDTA for the six month time span increased 90.2 percent to $504 million.

The distributor held a conference call and webcast to announce the results this morning, and slides from the presentation can be found on the company’s investor relations page. To see more details from US Foods’ Second Quarter and Six Month results, click here.

Can we expect this upward trajectory to continue? Only time, and Deli Market News, will tell.

US Foods
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