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- US Foods Holding Corp USFD reported second-quarter FY21 sales growth of 68.9% year-on-year, to $7.66 billion, beating the analyst consensus of $6.86 billion.
- Total case volume increased 53.5%, and independent restaurant case volume rose 79.1%.
- Markets lifting in-person dining restrictions on restaurants and an increase in leisure travel drove the results. Net sales also benefited from food cost inflation of 8.2%.
- Gross profit increased 74.2% Y/Y to $1.2 billion with a profit margin of 15.3%.
- Operating expenses rose 43.2% Y/Y to $1.0 billion.
- The operating margin was 1.6%, and operating income for the quarter was $124 million.
- The company held $699 million in cash and equivalents as of July 3, 2021.
- Net cash provided by operating activities for the six months amounted to $250 million.
- Adjusted EBITDA of $332 million increased 277.3%.
- Adjusted EPS of $0.58 beat the analyst consensus of $0.37.
- "As markets around the United States reopen without restrictions, we have seen strong demand for our products, services, and consultative expertise," said CEO Pietro Satriano.
- Price action: USFD shares are trading higher by 5.54% at $36.00 in premarket on the last check Monday.
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