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Jan 30, 2021
UNFI Q2 2021 Earnings Report
UNFI leveraged sales increases into bottom line growth.
Key Takeaways
UNFI reported a strong second quarter with net sales increasing by 7.1% to $6.89 billion and net income of $59 million, a $90 million increase compared to the previous year. The company also extended its distribution partnership with Whole Foods through September 2027.
Net sales increased 7.1% to $6.89 billion.
Net income was $59 million, an increase of $90 million.
Adjusted EBITDA increased 57.3% to $206 million.
Earnings per diluted share (EPS) was $1.00, a $1.57 per share increase.
UNFI
UNFI
Forward Guidance
The Company is reaffirming its full-year outlook and now expects to finish fiscal 2021 toward the upper end of the previously provided ranges for adjusted EPS and adjusted EBITDA.
Positive Outlook
- Net Sales ($ in billions) $27.0 - $27.8
- Net Income ($ in millions) $130 - $160
- Earnings Per Diluted Share (EPS) $2.15 - $2.65
- Adjusted EPS $3.05 - $3.55
- Adjusted EBITDA ($ in millions) $690 - $730
Challenges Ahead
- This outlook assumes that food-at-home consumption remains elevated and exceeds food consumed away from home for the rest of fiscal 2021.
- The outlook provided above is for fiscal 2021 only and replaces and supersedes any and all guidance provided prior to the date hereof covering fiscal 2021 or subsequent years.
- This outlook is forward-looking, is based on management's current estimates and expectations and is subject to a number of risks, including many that are outside of management's control.
- Any estimates of future results of operations are based on a number of assumptions, many of which are outside the Company’s control and should not be construed in any manner as a guarantee that such results will in fact occur.
- These estimates are subject to change and could differ materially from final reported results.