|INVESTOR CONTACT:||MEDIA CONTACT:|
|Melissa Napier||Sara Matheu|
|(847) 720-2767||(847) 720-2392|
US Foods Reports Third Quarter Fiscal 2020 Earnings
ROSEMONT, Ill. (BUSINESS WIRE) Nov. 2, 2020 – US Foods Holding Corp. (NYSE: USFD), one of the largest foodservice distributors in the United States, today announced results for the third quarter of fiscal 2020. In this press release we refer to certain organic financial results. Organic financial results exclude contributions during the respective period from Smart Stores Holding Corp. ("Smart Foodservice"), which was acquired on April 24, 2020. For the Food Group of Companies (the "Food Group"), which was acquired on Sept. 13, 2019, organic financial results include contributions for the Sept. 14, 2020, through Sept. 26, 2020, time period only.
Third Quarter Fiscal 2020 Highlights
•Total case volume decreased 8.9%; total organic case volume decreased 22.2%
•Net sales decreased 10.5% to $5.8 billion
•Gross profit decreased 15.7% to $974 million
•Net loss available to common shareholders was $2 million
•Adjusted EBITDA decreased 31.9% to $209 million
•Diluted EPS loss was $0.01; Adjusted Diluted EPS was $0.15
Nine Month Fiscal 2020 Highlights
•Total case volume decreased 11.4%; total organic case volume decreased 23.5%
•Net sales decreased 11.9% to $16.7 billion
•Gross profit decreased 19.1% to $2.7 billion
•Net loss available to common shareholders was $231 million
•Adjusted EBITDA decreased 44.8% to $474 million
•Diluted EPS loss was $1.05; Adjusted Diluted EPS was $0.05
"In the third quarter, we demonstrated the resiliency of our business model by continuing to gain market share in an industry significantly impacted by COVID-19," said Chairman and CEO Pietro Satriano. "Our case volumes continue to recover and Adjusted Gross Profit Margin improved by 70 basis points over the prior quarter. This profitable growth, along with our prudent approach to cost management, enabled us to deliver Adjusted EBITDA of $209 million for the quarter, more than double what we delivered in the second quarter. I'm proud of the hard work of all our associates, who remain focused on helping our customers Make It during this challenging time."
Third Quarter Fiscal 2020 Results
Total case volume decreased 8.9% from the prior year, while total organic case volume decreased 22.2%. Independent restaurant case volume decreased 6.8%, while organic independent restaurant case volume decreased 20.0%. Net sales of $5.8 billion decreased 10.5% from the prior year. Both case volume and Net sales improved
The following information was filed by Us Foods Holding Corp. (USFD) on Monday, November 2, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.