ROSEMONT, Ill. - US Foods Holding Corp . (NYSE:USFD) reported second-quarter results that topped revenue expectations, while reaffirming its full-year guidance. The foodservice distributor's shares edged up 0.2% following the announcement.
US Foods posted adjusted earnings per share of $0.93, in line with analyst estimates. Revenue came in at $9.7 billion, surpassing the consensus forecast of $9.64 billion and representing a 7.7% increase from the same period last year.
The company's net income rose 8.8% year-over-year to $198 million, while adjusted EBITDA grew 13.2% to a record $489 million. Adjusted EBITDA margin expanded to 5.0%, up 25 basis points from the prior year.
"During the second quarter, we delivered record Adjusted EBITDA and EBITDA margin in a softer macro environment," said Dave Flitman, CEO of US Foods. "Our team's success further emphasizes the strength of our operating model and ability to control the controllables."
Total case volume increased 5.2% compared to the previous year, with independent restaurant case volume rising 5.7%. The company noted this marked the 13th consecutive quarter of market share gains in the independent restaurant segment.
US Foods reaffirmed its fiscal year 2024 outlook, projecting net sales between $37.5 billion and $38.5 billion, adjusted EBITDA of $1.69 billion to $1.74 billion, and adjusted diluted EPS in the range of $3.00 to $3.20.
The company's net leverage ratio improved to 2.6x at the end of Q2, down from 3.0x in the same quarter last year. US Foods also repurchased $41 million worth of shares during the quarter.
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