US Foods announces Q1 earnings, sees 'meaningful' recovery
Source US Foods Holding Corp.
US Foods Holding Corp. (NYSE: USFD), one of the largest foodservice distributors in the United States, on May 10 announced results for the first quarter of fiscal 2021.
KEY POINTS:
- Total case volume decreased 0.9%; independent restaurant case volume increased 8.1%.
- Total organic case volume decreased 6.4%; organic independent restaurant case volume increased 0.2%.
- Net sales decreased 0.7% to $6.3 billion.
- Gross profit decreased 5.9% to $1 billion.
- Net loss available to common shareholders was $39 million.
- Adjusted EBITDA decreased 2.8% to $172 million.
- Diluted EPS loss was $0.18; Adjusted Diluted EPS was $0.12.
"During the first quarter, we saw a meaningful recovery in case volume with our restaurant and hospitality customers," said Chairman and chief executive Pietro Satriano. "This momentum has continued into the early part of the second quarter as restrictions on in-person dining continue to be lifted in markets across the country. Over the last 12 months, our scale and differentiated strategy have allowed us to gain market share with both large and small customers as operators continue to utilize our technology, innovative products and consultative services to help them manage their business."
See U.S. Foods full announcement on Business Wire.
