US Foods Reports Fourth Quarter and Fiscal Year 2019 Earnings
February 11, 2020 06:45 AM Eastern Standard Time
ROSEMONT, Ill.--(BUSINESS WIRE)--US Foods Holding Corp. (NYSE: USFD), one of the largest foodservice distributors in the United States, today announced results for the fourth quarter and full fiscal year 2019. In this press release we refer to certain organic financial results. Organic financial results exclude contributions during the respective period from the Food Group of Companies (the "Food Group"), which was acquired on Sept. 13, 2019.
Fourth Quarter Fiscal 2019 Highlights
- Total case volume increased 12.3%; independent restaurant case volume increased 11.9%
- Total organic case volume increased 0.4%; independent restaurant organic case volume increased 2.9%
- Net sales increased 14.8% to $6.9 billion; organic Net sales increased 3.0% to $6.2 billion
- Gross profit increased 13.3% to $1.2 billion
- Income from continuing operations before income taxes decreased $10 million to $122 million
- Net income decreased $8 million to $92 million
- Adjusted EBITDA increased 12.8% to $335 million; organic Adjusted EBITDA increased 6.7% to $317 million
- Diluted EPS of $0.42; Adjusted Diluted EPS increased 10.0% to $0.66
Fiscal Year 2019 Highlights
- Total case volume increased 4.6%; independent restaurant case volume increased 7.1%
- Total organic case volume increased 1.1%; independent restaurant organic case volume increased 4.4%
- Net sales increased 7.3% to $25.9 billion; organic Net sales increased 3.8% to $25.1 billion
- Gross profit increased 6.5% to $4.6 billion
- Income from continuing operations before income taxes increased $15 million to $511 million
- Net income decreased $22 million to $385 million
- Adjusted EBITDA increased 8.3% to $1,194 million; organic Adjusted EBITDA increased 6.2% to $1,171 million
- Diluted EPS of $1.75; Adjusted Diluted EPS increased 9.7% to $2.38
CEO Perspective
“In fiscal 2019 we continued to profitably grow our business while expanding our operating leverage for the fourth consecutive year. Full year organic Adjusted EBITDA growth of 6.2% was in line with our guidance for the year and we grew Adjusted Diluted EPS by almost 10%,” said Chairman and CEO Pietro Satriano. “Our Great Food. Made Easy. strategy continues to resonate with customers, with 56 new Scoop products launched during the year and continued enhancements to our value-added services platform. The integration of the Food Group is progressing as planned with a new leadership organization in place and the successful launch of our best-selling Scoop products in our Northwest markets now complete. We are confident in the future growth prospects for our business and our ability to achieve the 2020 guidance targets we have set for the year."
The full report may be viewed here.
