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US Foods Reaches 8.9B in Q3 Fiscal Year 2022 Earnings; Andrew Iacobucci Comments

US Foods Reaches 8.9B in Q3 Fiscal Year 2022 Earnings; Andrew Iacobucci Comments

Thursday, November 10th, 2022

Wielding a strong business strategy and unwavering dedication to its company pillars, US Foods has announced the results of its third quarter fiscal year 2022, showing continued growth despite economic hurdles. The retailer reported net sales of $8.9 billion for the quarter, an increase of 13.0 percent from the prior year.

Andrew Iacobucci, Interim Chief Executive Officer, US Foods“US Foods delivered strong results in the third quarter as we continue to execute on the three pillars of our long-range plan, which we introduced earlier this year,” said Andrew Iacobucci, Interim Chief Executive Officer. “Our performance reflects sustained positive momentum, as we drove profitable market share in key customer types and effectively managed gross profit and operating expenses. Our nearly 21 percent adjusted EBITDA growth underscores our confidence in achieving the high end of our prior adjusted outlook for the year and reflects the progress we are making on our long-range plan. Finally, further highlighting confidence in our future, our Board has authorized a $500 million share repurchase program, which we see as highly accretive to shareholder value at our current share price.”

In addition to its $8.9 billion in net sales, US Foods’ gross profit showed an increase of 17.6 percent to $1.5 billion. Its EBITDA increased to $351 million for the third quarter.

The last quarter proved to be fruitful for US Foods, as the distribution revealed its net sales increased 13.0 percent from last year’s results, jumping up to $8.9 billion

US Foods’ also reported its nine month highlights for 2022, which included:

  • Adjusted EBITDA increased 20.8 percent to $960 million
  • Net sales increased 16.9 percent to $25.5 billion
  • Total case volume increased by 1.3 percent; independent restaurant case volume increased by 3.8 percent
  • Gross profit increased 18.3 percent to $4.0 billion

For more information, click here for the full results.

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US Foods