US Foods (USFD) Tops Q2 EPS by 10c, Revenues Beat

US Foods (NYSE: USFD) reported Q2 EPS of ($0.25), $0.10 better than the analyst estimate of ($0.35). Revenue for the quarter came in at $4.6 billion versus the consensus estimate of $4.23 billion.

Second Quarter Fiscal 2020 Highlights

• Total case volume decreased 28.0%; total organic case volume decreased 40.2%
• Net sales decreased 29.2% to $4.6 billion
• Gross profit decreased 41.2% to $671 million
• Net loss available to common shareholders was $97 million
• Adjusted EBITDA decreased 72.5% to $88 million
• Diluted EPS loss was $0.44; Adjusted Diluted EPS loss was $0.25

CEO Perspective

"While COVID-19 continues to impact the foodservice industry and our business, we remain confident in the long-term outlook for both the industry and our company,” said Pietro Satriano, Chairman and CEO. “Our team is focused on providing tools, technology and expertise to help operators succeed in this rapidly changing environment. As the quarter progressed, we saw trends in volumes, margins and bottom line profitability improve, and we believe our scale, our differentiated platform and our strong balance sheet leave us well positioned to gain market share as the industry continues to recover.”

Outlook for Fiscal Year 2020

Due to the continued uncertainty associated with COVID-19, the company withdrew its fiscal 2020 financial guidance on March 23, 2020 and is not providing financial guidance at this time.

For earnings history and earnings-related data on US Foods (USFD) click here.

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