US Foods (NYSE: USFD) reported Q4 EPS of $0.05, $0.16 worse than the analyst estimate of $0.21. Revenue for the quarter came in at $6.1 billion versus the consensus estimate of $6.21 billion.

Fourth Quarter Fiscal 2020 Highlights

• Total case volume decreased 10.2%; independent restaurant case volume decreased 6.0%. Excluding the extra week, total case volume decreased 15.5% and independent restaurant case volume decreased 11.8%.
• Total organic case volume decreased 15.4%; independent restaurant organic case volume decreased 13.1%. Excluding the extra week, total organic case volume decreased 20.4% and organic independent restaurant case volume decreased 18.5%.
• Net sales decreased 11.5% to $6.1 billion.
• Gross profit decreased 18.5% to $1.0 billion.
• Net loss available to common shareholders was $23 million.
• Adjusted EBITDA decreased 48.1% to $174 million. The extra week contributed approximately $8 million to Adjusted EBITDA.
• Diluted EPS loss was $0.11; Adjusted Diluted EPS was $0.05.

Fiscal Year 2020 Highlights

• Total case volume decreased 11.0%; independent restaurant case volume decreased 11.2%. Excluding the extra week, total case volume decreased 12.5% and independent restaurant case volume decreased 12.7%.
• Total organic case volume decreased 21.3%; independent restaurant organic case volume decreased 20.8%. Excluding the extra week, total organic case volume decreased 22.6% and organic independent restaurant case volume decreased 22.2%.
• Net sales decreased 11.8% to $22.9 billion.
• Gross profit decreased 18.9% to $3.7 billion.
• Net loss available to common shareholders was $254 million.
• Adjusted EBITDA decreased 45.7% to $648 million.
• Diluted EPS loss was $1.15; Adjusted Diluted EPS was $0.09.

CEO Perspective

“Our industry, our customers and our company faced many challenges in 2020 from the spread of COVID-19,” said Chairman and CEO Pietro Satriano. “We took quick and decisive action in the first half of 2020 to ensure the safety of our associates, support our customers, strengthen liquidity and reduce our operating costs. Net sales and Adjusted EBITDA improved in the second half of 2020; a result of industry rebounds, market share gains and a continued focus on operational efficiencies. While the timing of the recovery remains uncertain, we remain confident in the resiliency of the industry and believe that the actions we have taken in 2020 have positioned the company well for future growth."

Outlook for Fiscal Year 2021

Due to the continued uncertainty associated with COVID-19 and the timing of a recovery, the company is not providing financial guidance for fiscal 2021.

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