US Foods Holding Corp. reports developments as a U.S. foodservice distributor serving restaurants, hospitality operators and other foodservice customers with fresh, frozen and dry food, nonfood products, e-commerce tools and business solutions. Recurring updates cover quarterly earnings, case volume, sales, profitability, cash flow, capital expenditures and share repurchases, along with distribution-network investments.
Company news also includes product and service launches such as Scoop exclusive-brand lineups, Menu IQ within the MOXē platform, and SIGNATURE tools for hospitality operators. Other recurring themes include customer programs, culinary scholarship initiatives and investor conference communications.
US Foods Holding Corp. (NYSE: USFD) reported strong Q2 FY2024 results, with net sales up 7.7% to $9.7 billion and gross profit increasing 7.2% to $1.7 billion. The company achieved record Adjusted EBITDA of $489 million and a record Adjusted EBITDA margin of 5.0%. Key highlights include:
- Net income increased 8.8% to $198 million
- Total case volume grew 5.2%, with independent restaurant case volume up 5.7%
- Diluted EPS rose 9.6% to $0.80; Adjusted Diluted EPS up 17.7% to $0.93
- Net leverage reduced to 2.6x
- $41 million in share repurchases
US Foods reiterated its FY2024 guidance, projecting net sales of $37.5-$38.5 billion and Adjusted EBITDA of $1.69-$1.74 billion. The company also outlined its 2025-2027 financial targets, aiming for 5% sales CAGR and 10% Adjusted EBITDA CAGR.
US Foods Holding Corp. (NYSE: USFD) is set to host a live conference call and webcast on August 8, 2024, at 8 a.m. CDT to discuss its second quarter 2024 financial results. Interested parties can access the call by dialing 877-344-2001 and providing the ID 2528845. Participants are advised to dial in 10 minutes before the start time. A replay of the call will be available, and the webcast can be accessed through US Foods' Investor Relations website. Presentation slides will be available in the Events & Presentations section of the site before the webcast starts. The webcast archive will be accessible from 12 p.m. CDT on the same day.
US Foods (NYSE: USFD) announced a $250,000 partnership with the Military Family Advisory Network (MFAN) to combat food insecurity affecting over 25% of active-duty military families. This initiative, part of US Foods' 'Helping Communities Make It' program, will support MFAN's Pantry Restock Box and Fresh Funds stipends programs. These programs aim to provide essential groceries and financial assistance to military families, especially those relocating frequently. The collaboration also includes supporting MFAN's Solutions Summit, which seeks actionable solutions for military and veteran communities.
US Foods Holding Corp. (NYSE: USFD) held its 2024 Investor Day, revealing its financial targets for 2025-2027. CEO Dave Flitman highlighted the company's commitment to shareholder value, supported by a $1 billion share repurchase program. The event included presentations and Q&A sessions with the executive team. US Foods aims for net sales of $43.0-$45.0 billion, adjusted EBITDA of $2.2-$2.3 billion, and adjusted diluted EPS of $5.20-$5.70 by fiscal 2027. For fiscal 2024, the company reaffirmed its guidance with net sales of $37.5-$38.5 billion, adjusted EBITDA of $1.69-$1.74 billion, and adjusted diluted EPS of $3.00-$3.20. The company is also exploring strategic alternatives for its CHEF’STORE retail business.
US Foods has released its 2023 Sustainability Report, detailing progress across three strategic areas: Products, People, and Planet. The company has expanded its range of sustainable products, now offering over 4,200 differentiated products. It introduced the US Foods Serve You™ and Climate-Conscious categories to emphasize well-being and environmental benefits. The company also enhanced workplace diversity, exceeding its 2023 goals, and boosted spending with diverse suppliers by 13% and small businesses by 44% since 2020. Environmental initiatives resulted in a 6% reduction in Scope 1 and 2 emissions since 2019 and the deployment of 100 alternative fuel vehicles. US Foods continues to advance its sustainability efforts by collaborating with stakeholders.
US Foods Holding Corp. (NYSE: USFD) reported strong first quarter fiscal year 2024 earnings, with a 4.8% growth in net sales to $8.9 billion and a 4.9% increase in gross profit to $1.5 billion. The company also saw a 6% rise in adjusted EBITDA to $356 million and reaffirmed its fiscal year 2024 guidance. US Foods closed on the acquisition of IWC Food Service, expanding its presence in Tennessee. The company remains focused on strategic initiatives to enhance profitability and capture market share.
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