US Foods reports Q2 adjusted EPS 93c, consensus 93c

Reports Q2 revenue $9.7B, consensus $9.62B. “During the second quarter, we delivered record Adjusted EBITDA and EBITDA margin in a softer macro environment. Our team’s success further emphasizes the strength of our operating model and ability to control the controllables,” said Dave Flitman, CEO. “Our balanced approach to drive improved profitability through the execution of our strategic initiatives was evident again this quarter and we captured market share with independent restaurants for the 13th consecutive quarter. We also held an exciting investor day on June 5 where we outlined our new long-range plan to accelerate growth, profitability and returns. We laid out our financial algorithm from 2025 through 2027 of growing sales at a 5% CAGR, increasing Adjusted EBITDA at a 10% CAGR, expanding EBITDA margin by at least 20 basis points per year and growing Adjusted Diluted EPS at a 20% CAGR. We are confident that we have the right strategy and the operational rigor in place to deliver on our 2027 financial targets, all underpinned by our 30,000 hardworking and dedicated associates. We delivered record profitability in the second quarter through our balanced approach to drive top- and bottom-line gains despite the operating environment,” added Dirk Locascio, CFO. “Maintaining our disciplined approach to capital deployment and intense focus on driving long-term shareholder value creation, we closed on the IWC acquisition, repurchased $41 million of shares and further reduced our net leverage while continuing to invest in the business. Given our strong first half of the year and outlook for the remainder of 2024, we are reiterating our net sales, Adjusted EBITDA and Adjusted Diluted EPS guidance.”