UNFI Q3 2022 Earnings Report
Key Takeaways
UNFI reported a 9.2% increase in net sales to $7.2 billion and a 39.6% increase in net income to $67 million for Q3 2022. The company has also raised its full-year outlook and refinanced its revolving credit facility.
Net sales increased by 9.2% to $7.2 billion.
Net income increased by 39.6% to $67 million.
EPS increased by 37.5% to $1.10.
Adjusted EBITDA increased by 5.9% to $196 million and Adjusted EPS increased by 10.0% to $1.10 after revising definitions to exclude the non-cash LIFO charge or benefit.
UNFI
UNFI
Forward Guidance
The Company is providing the following updated full-year outlook for fiscal 2022. The Company has revised its definitions of Adjusted EPS and Adjusted EBITDA to exclude the impact of the non-cash LIFO charge or benefit to better enable investors to assess Company’s operating performance and is providing its updated outlook on that basis. The Company is also updating guidance to reflect increased operating performance expectations. The updated net income and EPS ranges also include an increased LIFO charge and the gain on sale and leaseback of a distribution center.
Positive Outlook
- Net Sales ($ in billions) $28.8 - $29.1
- Net Income ($ in millions) $230 - $245
- EPS $3.75 - $4.00
- Adjusted EPS $4.65 - $4.90
- Adjusted EBITDA ($ in millions) $810 - $830