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- US Foods Holding Corp USFD reported first-quarter FY23 sales growth of 9.5% year-on-year to $8.54 billion, beating the consensus of $8.49 billion.
- Total case volume rose 5.7% and independent restaurant case volume grew 8.1%.
- Gross profit increased 19.2% Y/Y to $1.4 billion with a profit margin of 16.7%.
- Operating expenses rose 6.6% Y/Y to $1.2 billion. The operating margin was 2.2%, and the operating income was $187 million.
- The company held $292 million in cash and equivalents as of April 1, 2023. Net cash provided by operating activities for three months amounted to $279 million.
- Adjusted EBITDA of $337 million, increased 39.8% Y/Y, and the margin expanded 80 basis points to 3.9%.
- Adjusted EPS was $0.50, beating the $0.42 estimate.
- Outlook, reaffirmed: US Foods sees FY23 adjusted EPS to $2.45 - $2.65 versus an estimate of $2.56.
- It sees Adjusted EBITDA of $1.45 billion- $1.51 billion.
- Price Action: USFD shares are trading higher by 2.09% at $38.52 on the last check Thursday.
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