HomePizzaUS Meals lifts Q1 2023 outcomes on value inflation, quantity progress

US Meals lifts Q1 2023 outcomes on value inflation, quantity progress

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US Foods lifts Q1 2023 results on cost inflation, volume growthPicture: Adobe Inventory.

US Meals Holding Corp. lifted its Q1 2023 gross sales and earnings boosted by value inflation and case quantity progress, based on an earnings launch, beating analyst expectations. Highlights embrace:

  • Web gross sales rose 9.5% from $7.8 billion in Q1 2022 to $8.5 billion for the quarter ending April 1, 2023, pushed by case quantity progress and meals value inflation of three.7%.
  • Complete case quantity elevated 5.7% from the prior yr pushed by an 8.1% enhance in impartial restaurant case quantity, an 18.8% enhance in hospitality quantity and a 5.9% enhance in healthcare quantity, offset by a 1.1% lower in chain quantity.
  • Web earnings rose from a $7 million loss to $82 million within the comparative quarters.
  • Web earnings per share on a fundamental foundation rose from a 7-cent loss to 33 cents and on a diluted foundation from a 7-cent loss to 32 cents.
  • Adjusted diluted EPS rose 38.9% from 36 cents to 50 cents.

Shares traded immediately at $40.40 towards a 52-week vary of $25.49-$41.28.

The $8.54 billion in quarterly income beat analyst expectations by $50 million whereas the non-GAAP EPS of fifty cents beat expectations by 8 cents, based on In search of Alpha.

“We’re more than happy with what we achieved throughout the first quarter,” Dirk Locascio, government vice chairman and CFO, mentioned within the press launch. “Web gross sales had been $8.5 billion within the first quarter, a rise of 9.5% over the prior yr pushed by case quantity progress and inflation. We additionally drove sturdy gross revenue progress of 19% once more within the first quarter, which was effectively above progress in working bills.”

The corporate reaffirmed its fiscal 2023 outlook of adjusted EPITDA of $1.45 billion to $1.51 billion and adjusted diluted EPS of $2.45 to $2.65.

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