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Dec 27, 2019
Chefs' Warehouse Q4 2019 Earnings Report
The company reported an increase in net sales and net income compared to the same quarter last year.
Key Takeaways
The Chefs' Warehouse reported an 8.2% increase in net sales, reaching $426.5 million, and a GAAP net income of $10.9 million, or $0.36 per diluted share, for the fourth quarter of 2019. The company's performance was driven by solid revenue growth and a healthy consumer demand environment.
Net sales increased by 8.2% to $426.5 million.
GAAP net income was $10.9 million, or $0.36 per diluted share.
Adjusted EPS was $0.39 compared to $0.32 for the fourth quarter of 2018.
Adjusted EBITDA was $28.2 million compared to $24.6 million for the fourth quarter of 2018.
Forward Guidance
The Company provided financial guidance for fiscal year 2020.
Positive Outlook
- Net sales between $1.85 billion and $1.91 billion
- Gross profit between $478.0 million and $492.0 million
- Net income between $26.9 million and $29.8 million
- Net income per diluted share between $0.86 and $0.95
- Adjusted EBITDA between $102.0 million and $106.0 million
Challenges Ahead
- Adjusted EPS between $0.91 and $1.00
- Guidance is based on an effective tax rate of approximately 28.0% for fiscal 2020.
- Full year estimated diluted share count is approximately 33.6 million shares.
- The Company expects its senior convertible notes to be dilutive for the full year.
- Shares that could be issued upon conversion of the notes are included in the fully diluted share count.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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