Operations

US Foods boosts Q4, FY 2022 sales, earnings

Image: Adobe Stock.

February 16, 2023

US Foods lifted its Q4 and FY 2022 results on sales gains from independent restaurants and healthcare accounts, according to an earnings release. Highlights include:

• Net sales rose 11.5% from $7.62 billion in Q4 2021 to $8.5 billion for the quarter ending Dec. 31, 2022, driven by food cost inflation of 8.4% compared to prior year. Total case volume increased 2.6% from the prior year on a 5.8% increase in independent restaurant case volume, a 19.2% increase in hospitality volume and a 5.6% increase in healthcare volume, offset by a 5.8% decrease in chain volume.
• Net income rose 34.8% from $69 million to $93 million in the comparative quarters.
• Net income per share on both a basic and diluted basis rose 42.3% from 26 cents to 37 cents in the comparative quarters.
• Adjusted diluted EPS rose 44.7% from 38 cents to 55 cents in the comparative quarters.
• Full year sales rose from $29.5 billion in 2021 to $34.05 billion in 2022.
• Full year net income rose 44.7% from $164 million to $265 million.
• Full year income per share rose from 55 cents to $1.02 on a basic basis and from 54 cents to $1.10 on a diluted basis.
• Full year adjusted diluted EPS rose 38.1% from $1.55 to $2.14.

Shares traded today at $38.99 against a 52-week range of $25.49-$39.73.

The $8.5 billion in quarterly revenue missed analyst expectations by $20 million while the non-GAAP EPS of 55 cents beat expectations by 2 cents, according to Seeking Alpha.

"In the fourth quarter, we grew case volume across nearly all customer types and doubled growth in independent restaurants over the prior quarter," CEO Dave Flitman said in the press release. "For the full year, we exceeded the high-end of our guidance by delivering adjusted EBITDA of $1.31 billion, demonstrating the continued dedication of our team of 29,000 talented associates and solid execution against our long-range plan."