May 7, 2019 06:45 AM EDT
ROSEMONT, Ill.--(BUSINESS WIRE)--US Foods Holding Corp. (NYSE: USFD), one of the largest foodservice distributors in the United States, today announced results for the first quarter of fiscal 2019.
First Quarter Fiscal 2019 Highlights
- Total case volume increased 1.4%; independent restaurant case volume increased 5.5%
- Net sales increased 3.6% to $6.0 billion
- Gross profit increased 6.0% to $1,052 million
- Income before income taxes increased $28 million to $91 million
- Net income increased $4 million to $71 million
- Adjusted EBITDA increased 3.6% to $232 million
- Diluted EPS increased 3.2% to $0.32; Adjusted Diluted EPS increased 5.7% to $0.37
CEO Perspective
“Our first quarter fiscal 2019 results were in line with our expectations,” said Chairman and CEO Pietro Satriano. “We accelerated case volumes across all customer types and are particularly pleased with our 5.5% organic independent restaurant case growth rate, our best quarter since third quarter fiscal 2016. We expanded our adjusted operating leverage per case for the 13th quarter in a row, resulting in Adjusted EBITDA growth of 3.6%. We remain favorable on the overall industry outlook and expect to deliver the full year fiscal 2019 guidance targets that we discussed on our fourth quarter call.”
