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Thursday, February 15, 2018

-=US Foods (USFD) reported earnings on Thur 15 Feb 2018 (b/o)

US Foods beats by $0.01, beats on revs; guides FY18 EPS above consensus, revs in-line
  • Reports Q4 (Dec) earnings of $0.44 per share, excluding non-recurring items, $0.01 better thanthe Capital IQ Consensus of $0.43; revenues rose 5.6% year/year to $6 bln vs the $5.92 bln Capital IQ Consensus.
  • Gross profit of $1.1 billion increased $47 million or 4.6% from the prior year, driven by higher case volumes and margin expansion initiatives, partially offset by higher inbound freight costs related to increases in freight market pricing. Adjusted EBITDA increased 9.4% to $290 million.
  • Guidance Details: "For fiscal year 2018 the company expects total case volume growth of 1-2%, Adjusted EBITDA growth of 6-8%. For Q1 fiscal 2018, we expect year-over-year Adjusted EBITDA growth to be approximately 100 basis points below the low end of the range, primarily due to poor weather conditions and timing of the New Year's holiday. Adjusted EBITDA growth is expected to sequentially accelerate through the fiscal year. The company is also raising its mid-term target for Adjusted EBITDA growth from 7-10% to 8-10%. The company expects fiscal year 2018 Interest expense to be approximately $175-$180 million. Cash capital expenditures during fiscal 2018 are expected to be approximately $250-$260 million, and fleet capital leases are expected to be approximately $80 million."
  • Co issues guidance for FY18, sees EPS of $2.00-2.10, excluding non-recurring items, vs. $1.89 Capital IQ Consensus Estimate; sees FY18 revs of +3-4% to ~$24.87-25.11 bln vs. $25.06 bln Capital IQ Consensus Estimate.

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