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Jul 30, 2022
UNFI Q4 2022 Earnings Report
Reported fourth quarter and full year fiscal 2022 results and announced new $200 million share repurchase authorization.
Key Takeaways
UNFI's fourth quarter net sales increased by 8.0% to $7.3 billion, while net income decreased by 9.3% to $39 million. Adjusted EPS increased 1.6% to $1.27. The company reduced net leverage to under 2.6x and increased liquidity to approximately $1.7 billion.
Net sales increased 8.0% to $7.3 billion.
Net income decreased 9.3% to $39 million; EPS decreased 8.7% to $0.63.
Adjusted EBITDA increased 3.4% to $213 million.
Adjusted EPS increased 1.6% to $1.27.
UNFI
UNFI
Forward Guidance
The Company is providing the following outlook for fiscal 2023. Net sales are expected to be between $29.8 billion and $30.4 billion. Net income is expected to be between $247 million and $266 million. Adjusted EBITDA is expected to be between $850 million and $880 million.
Positive Outlook
- Net sales ($ in billions) $29.8 - $30.4
- Net income ($ in millions) $247 - $266
- EPS $3.95 - $4.25
- Adjusted EPS $4.85 - $5.15
- Adjusted EBITDA ($ in millions) $850 - $880
Challenges Ahead
- The outlook provided is for fiscal 2023 only.
- This outlook is forward-looking and is based on management's current estimates and expectations
- The outlook is subject to a number of risks, including many that are outside of management's control.
- Lower non-cash pension income and higher depreciation and amortization expense from elevated investments are expected to reduce adjusted EPS growth by approximately 4% on a combined basis.
- Capital Expenditures ($ in millions) ~ $350