USFD - US Foods reports mixed Q2 earnings; raises FY23 outlook

2023-08-10 06:49:04 ET

• US Foods press release ( NYSE: USFD ): Q2 Non-GAAP EPS of $0.79 beats by $0.03 .
• Revenue of $9.01B (+2.0% Y/Y) misses by $290M .
• Total case volume increased 2.7%; independent restaurant case volume increased 4.8%.

• Delivered Record Adjusted EBITDA of $432 Million and Expanded Adjusted EBITDA Margin by 60 bps.

• The Company is updating its previously announced fiscal year 2023 guidance to:

  • Adjusted EBITDA of $1.51-$1.54 billion, compared to previous guidance of $1.45-$1.51 billion.
  • Adjusted Diluted EPS of $2.55-$2.65, compared to previous guidance of $2.45-$2.65 vs. consensus of $8.56.
  • Interest expense of $320-$325 million, compared to previous guidance of $310-$325 million.
  • Total capital expenditures of $410-$430 million, consisting of $290-$310 million of cash capital expenditures and ~$120 million of fleet capital leases.
  • Net Debt to Adjusted EBITDA leverage below 3.0x by end of fiscal year 2023.

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