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Apr 01, 2023
US Foods Q1 2023 Earnings Report
US Foods' Q1 2023 performance showcased strong financial results, driven by volume growth, gross profit increase and margin expansion.
Key Takeaways
US Foods reported a strong first quarter in fiscal year 2023, with net sales reaching $8.5 billion, a 9.5% increase from Q1 2022. Adjusted EBITDA grew by 40% to $337 million, and the adjusted EBITDA margin expanded by 80 bps. The company reaffirmed its full-year guidance.
Net sales increased by 9.5% to $8.5 billion.
Adjusted EBITDA increased by 39.8% to $337 million.
Total case volume increased by 5.7%, with independent restaurant case volume up by 8.1%.
Gross profit increased by 19% to $1.4 billion.
Forward Guidance
The Company is reaffirming its fiscal year 2023 guidance provided on February 16, 2023.
Positive Outlook
- Adjusted EBITDA of $1.45-$1.51 billion
- Adjusted Diluted EPS of $2.45-$2.65
- Net Debt to Adjusted EBITDA leverage below 3.0x by end of fiscal year 2023
Challenges Ahead
- Interest expense of $310-$325 million
- Total capital expenditures of $410-$430 million, consisting of $290-$310 million of cash capital expenditures and ~$120 million of fleet capital leases
Historical Earnings Impact
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Avg. Return Before/After Earnings
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