FX.co ★ US Foods Q1 Results Top Estimates; Reaffirms FY24 Outlook

US Foods Holding Corp., a leading foodservice distributor, announced its first quarter earnings this Thursday. The company reported a net income of $82 million, or $0.33 per share, available to its common shareholders. This figure indicates an increase from the previous year’s first quarter net income of $75 million, or $0.32 per share.

When excluding one-time expenditures, the company’s adjusted earnings for the quarter were reported at $0.54 per share. This figure is slightly higher than the $0.50 per share reported for the same quarter last year. A poll of 13 analysts conducted by Thomson Reuters predicted the company’s earnings to be approximately $0.53 per share for this quarter. However, these predictions typically do not take special items into consideration.

The company also reported increased net sales for the quarter, up by 4.8% to $8.95 billion from $8.54 billion during the same time frame in the prior year. The predicted net sales for this quarter, as projected by analysts, were $8.91 billion.

In looking ahead to 2024, US Foods Holding Corp. plans to continue adjusting its earnings in the range of $3.00 to $3.20 per share, with net sales projected between $37.5 billion to $38.5 billion. The consensus among investment analysts, or 'the street', predicts the company's earnings to be $3.10 per share with net sales of $37.82 billion for that year.