Can you talk a little bit about your fill rates, both inbound and outbound and then any backhaul opportunity, I do believe that's quite -- it's a fairly material opportunity for you. When you look at your most profitable market segments, I mean, obviously, independent restaurants, but perhaps we could put health care and hospitality as well, but the focus on independent restaurants. US Foods During today's call and unless otherwise stated, we're comparing our third quarter results to the same period in fiscal year 2021. We effectively managed inflation and deflation by running our proven plays. Call of Duty is a major revenue-driver on PlayStation because of the consoles large install base of more than 150 million units. Additional risks and uncertainties are discussed from time to time in current, quarterly and annual reports filed by the Company with the SEC, which are available on the SECs website at www.sec.gov. And we've done a really good job of doing that. Net income rose from $64 million to $109 million in the comparative quarters. Then I have a follow-up, please. And how are you thinking about the mix there going forward? Turning last to operational efficiencies. We've seen a natural improvement as customers tend to seek out the value that the control brand represents. EPS of $0.60 misses by $0.01 | Revenue of $8.92B (13.02% Y/Y) beats by $202.33M US Foods Holding Corp. ( NYSE: USFD) Q3 2022 Earnings Conference Call ET Contents: such as healthy foods, medications, dental and vision services, and more. ConocoPhillips Reports Third-Quarter 2022 Results; Announces 11% Increase to Quarterly Ordinary Dividend, Declares Variable Return of Cash Distribution and Increases Existing Share Repurchase Authorization by $20 Billion ConocoPhillips to Hold Second-Quarter Earnings Conference Call on Thursday, Aug. 4. Sure, Peter. Thanks. In addition to strong day-to-day execution, US Foods associates have continued their tradition of stepping up when our customers and communities need us most. Yes, John, thanks for the question. We reduced gross debt approximately $450 million compared to Q3 2021 and during Q3 2022 prepaid $100 million of term loan. Adjusted Net income is Net income excluding such items as restructuring costs and asset impairment charges, Share-based compensation expense, the non-cash impacts of LIFO reserve adjustments, loss on extinguishment of debt, Business transformation costs and other items, and adjusted for the tax effect of the exclusions and discrete tax items. And just any commentary on what -- why those decelerate just slightly? So I think, Jeff, we will update that when we release our Q4. Great, thanks for taking the question. And finally to date, in Q4, we have prepaid an additional $100 million of term loan. And John, just real quick is, I think specifically on the drop size, in fact, we've not seen an issue -- in fact, that can almost be in some cases, a worse customer experience because you have more small drops on trucks that cause competitors, trucks to be late. Adjusted Operating expenses for the first six months of 2022 were $2.1 billion, an increase of $318 million or 17.7% from the prior year due to the aforementioned factors. Q3 total case growth was about 6.5% below 2019 with IND cases or independent cases performing the strongest at 3.3% above Q3 2019. And so really, what this does is it fits right into one of the four priorities that we've talked a lot about. Includes: (i) aggregate acquisition and integration related costs of $6 million for both the 13 weeks ended July 2, 2022 and July 3, 2021, respectively, (ii) contested proxy and related legal and consulting costs of $14 million for the 13 weeks ended July 2, 2022, (iii) CEO severance of $5 million for the 13 weeks ended July 2, 2022, (iv) favorable legal settlement recovery of $13 million for the 13 weeks ended July 3, 2021, and (v) other gains, losses or costs that we are permitted to addback for purposes of calculating Adjusted EBITDA under certain agreements governing our indebtedness. Independent cases increased 3% on top of nearly 25% growth in the prior year. I am quite pleased with the progress we continue to make in further strengthening our capital structure and delivering on our priority to reduce leverage. I just wanted to clarify those. Adjusted Operating expenses are Operating expenses adjusted to exclude amounts that we do not consider part of our core operating results when assessing our performance. Sure. And we think just with health care and hospitality also, those are continuing to improve relative to 2019 and expect that to continue as well and is really a built-in tailwind. So obviously, it's a little hard to predict as we've all discovered over the last several quarters, what inflation is going to do. Our cost of goods management program is also performing well and continues ahead of schedule with approximately 40% of our total vendor spend expected to be addressed by year-end. So it's about growing profitably as opposed to just case growth. And so we would expect that all the same things that are resonating today for us to take share across these key customer types to continue to resonate. ET. Good morning, Nicole. US Foods Holding Corp (USFD) Q1 2022 Results Total operating expenses of $1.2 billion increased $188 million, or 18.0% from the prior year. A couple of questions. We remain well-positioned to deliver profitable growth and value for our shareholders in a challenging macro environment and I am confident in our ability to achieve our 2022 outlook and long-range plan.. The work we are doing on employee engagement, flexible schedules and process standardization, for example, is yielding benefits as we experienced a lower turnover in the third quarter than we saw in the second quarter. So I just was hoping if you could comment on kind of what drove that? Supplemental disclosures of cash flow information: Property and equipment purchases included in accounts payable, Property and equipment transferred to assets held for sale, Leased assets obtained in exchange for financing lease liabilities, Leased assets obtained in exchange for operating lease liabilities, Paid-in-kind Series A convertible preferred stock dividends, Restructuring costs and asset impairment charges (1), Business acquisition and integration related costs and other (6), Restructuring and asset impairment costs (1), Weighted-average diluted shares outstanding (Non-GAAP) (9). Snehal.Shah@usfoods.com, MEDIA CONTACT: The call can also be accessed live over Please review the risk factors in our 2021 Form 10-K for a detailed discussion of these potential factors, that could cause our actual results to differ materially from those anticipated in those statements. We still have some work to do to make the platform available to the entirety of our national customer base as we've got some -- we need to make it -- make some adjustments to the platform in order for it to fit their order guide set up typically. Our LIFO method of inventory costing resulted in an expense of $65 million in 2022 compared to expense of $97 million in 2021 due to inflation in multiple product categories including poultry, dairy, and grocery. Keep tabs on your portfolio, search for stocks, commodities, or mutual funds with screeners, customizable chart indicators and technical analysis. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Matt Wells Parents, if you dont get a grip on your kids social media, demonic trans activists will Support Us. ROSEMONT, IL - Foodservice distributor US Foods Holding Corp. recently released its third quarter financial results for the fiscal year 2022. Where are you growing at? Turning to Page 12. Otherwise, I did -- I just wanted to follow up on -- the working capital, I guess, that positive shift we have here, is it fair to say we've kind of transitioned to this becoming more of a tailwind now. Are there any like calendar shift impacts or anything in fourth quarter to think about? Q3 2022 Earnings Call Oct 14, 2022, 8:45 a.m. So this is exciting for us to be in a position to talk about this. If you look at what was a very tough recession in 2008, 2009, cases were down mid-single digits, earnings were relatively flat. We continued our trend of strong gross profit dollar growth again this quarter. And as a result, we generated strong adjusted gross profit per case. How traffic is going for the customers, whether that's been a drag or a plus and whether the acceleration is driven by -- more by wallet share gains or new account generation? The first one just on the food service chain business. Thank you so much. We also are on track to exceed their outlook for health care and be in line for hospitality. We've been told and we would agree that this really is comparable to any of the sort of leading retail platforms out there in terms of ease of use and functionality. Our results this quarter demonstrate significant progress on the execution of our long-range plan, said Interim CEO Andrew Iacobucci. Your line is open. But I think the important takeaway there is it doesn't appear as though last year's level of outsized increases appear to be the new norm. Yes, we would say a meaningfully better exit rate than we saw overall in the quarter. This is important because we experienced little sequential inflation compared to large amounts in the first half of the year, yet we're able to maintain similar gross profit per case. Zacks Consensus Estimate This company is expected to post quarterly earnings of $0.59 per share in its upcoming report, which represents a year-over-year change of +22.9%. Within restaurants overall, our independent growth remains positive and is expected to improve further, while the Technomic outlook for the year is negative. Dirk, over to you. This teleconference is being recorded and the replay can be accessed in the site of the Company. May. And so I think a combination of those things as well as just some of the great work the team has done around just focusing on ongoing after business in the areas where it's growing have been really made the business sort of the year of the success it's been in terms of our ability to continue to grow, grow share across those key profitable segments you mentioned. Just kind of curious as to how you're thinking about gross profit per case off of this level. And getting back to your earlier question as well, one of the things customers are quite prepared to pay for is strong service. US Foods lifted its Q3 2022 sales and earnings, boosted by food cost inflation, according to an earnings release. We are tightening our adjusted EBITDA guidance to a range of $1.28 billion to $1.3 billion. And then also, do you think there could be some stronger volume growth hard to tell with all the volatility, how inflation has really impacted volume. Q4 2022 Tyson Foods Earnings Conference Call November 14, 2022 09:00 AM ET Webcast Presentation Thank you very much. June 23, 2022. And then just a quick follow-up on where you stand in terms of customer exits. And almost all those categories tend to be a fixed markup over whatever our cost is. I'd imagine it's fairly modest, but maybe that's wrong. Thu., November 3, 2022 | MarketBeat US Foods ( NYSE:USFD - Get Rating) is set to issue its quarterly earnings data before the market opens on Thursday, November 10th. We caution readers that our definitions of Adjusted Gross profit, Adjusted Operating expenses, EBITDA, Adjusted EBITDA, Adjusted Net income, Adjusted Diluted EPS, Net Debt and Net Leverage Ratio may not be calculated in the same manner as similar measures used by other companies. So where do we stand on that? 2.5x to 3x is the range, and we expect to be within that -- if we have anything more specific to add, we will do that when we do our 2023 guidance early in next year. Your next question comes from the line of Nicole Miller from Piper Sandler. Earnings Call What we've heard from others that maybe there's an actual slowdown in the actual chain business. As we continue to build momentum against this plan, we will prudently allocate the strong and growing cash flow against our four priorities to create shareholder value. And it's nice to see an acceleration there. Sure. Those are really starting to show some real impacts. During the third quarter, our total revenue increased by 28.2% year-over-year to RMB62.6 billion. I think that as the recovery continues in certain customer types, I think it will be -- I don't know that it's a tailwind, but it gets closer to being a more normalized working capital environment as we look ahead. Our strategic initiatives are driving results as we grew market share with gains in key customer types, implemented key supply chain initiatives to improve service levels, and expanded our omnichannel strategy with continued CHEF'STORE growth. So again, most of our contracts or noncontract price that tends to be, call it, within a month, it can be from a week to a month or so. But secondly, that we would expect in parallel to further reduce debt and we'll grow earnings as well as repurchase shares. US Foods Inc. - US Foods 1Q 2022 Earnings Conference Call Your line is open. (847) 720-2392 We completed our warehouse selection technology deployment as planned. Second, with strong momentum in our plan, US Foods is increasingly well positioned to win in an evolving macro environment, particularly in light of our effective management of inflation and deflation, our scale and customer diversity and continued recovery tailwinds. So therefore, over time, not really impacting our overall profitability. There just continues to be such volatility in the market from a supply standpoint that, that's, I think, driving as much of sort of the unpredictability of it. And I'd say there's a couple of reasons for that. Looking To Improve Your Website's Search Engine Optimization? I would just take a step back, and this might be an obvious question. For example, we continue to build on the momentum from inbound logistics as our process management initiatives program continues to drive efficiencies. Food cost inflation in multiple product categories also contributed to increased Gross profit. Your next question comes from the line of Mark Carden from UBS. As a straight percentage, it's about half of the business, and then the other half is a combination of either a fixed markup and/or kind of more spot pricing on noncontract type of business. Gross profit as a percentage of Net sales was 15.7%. (HPQ) Q4 2022 Earnings Call Transcript; Autodesk, Inc. (ADSK) Q3 2023 And your final question comes from the line of Peter Saleh from BTIG. And more importantly, in terms of your share when you think back to those types of prior periods. MOX has really primary benefit in the short term of being a further inducement to all of our customers to get on the e-commerce platform, which we've talked about in the past creates all sorts of benefits. We still have embedded COVID recovery gains regardless of the macro backdrop. Wilko Johnson, English guitar great, dead at 75: First and foremost, Im an atheist, he told us in 2015 The best things to do this weekend in San Diego: Nov. 24-27 Lifestyle So overall, I think there's really not much more to add on the first part that Andrew mentioned. Tyson Foods Announces Fourth Quarter Earnings Conference Call Our results reinforce our confidence to deliver a strong finish to the year. And Jake, just to add to your question, we saw share gains that were quite consistent in trajectory to what we saw in Q2. So to start on MOX, it sounds like you're hearing good feedback so far. Or is it still too early from a ramp perspective? Investors await results from too-close-to-call races. Understood. Operating expenses increased primarily driven by higher distribution costs, largely due to higher labor costs as a result of increased turnover and higher than normal wage inflation. US Foods has strong cash flow, and we're using to fuel our stated priorities. And your next question comes from the line of John Heinbockel from Guggenheim. The Psychologist EPS of $0.67 misses by $0.01 | Revenue of $8.83B (15.19% Y/Y) beats by $122.28M US Foods Holding Corp ( NYSE: USFD) Q2 2022 Earnings Conference Call BRF (BRFS3 BZ) November 10, 2022. So I think with that, we feel very good about where the business is. I think the important thing is even at the rates that they're at right now, our overall borrowing rates are so quite solid, and we will manage that and think we're relatively well positioned in the environment. So that will continue to increase the fix over time. Analysts kept 'buy' call on ThaiBev following FY2022 earnings Net sales were $8.8 billion for the quarter, an increase of 15.2% from the prior year, driven by food cost inflation of 15% compared to the same quarter a year ago. Additionally, Bob Dutkowsky, our Executive Chair, will join for our Q&A session. I know you know it sort of retail and then some other miscellaneous exits. And we think that even chains that we have on board and growing are well positioned in the environment that we're in. We believe EBITDA and Adjusted EBITDA provide meaningful supplemental information about our operating performance because they exclude amounts that we do not consider part of our core operating results when assessing our performance. But are you now at the point where you're really focused on more of sort of like the net case growth going forward, meaning a lot of the exits are behind you? If you have an ad-blocker enabled you may be blocked from proceeding. Hormel Foods' (HRL) Q4 Earnings Upcoming: What's in Store? We are optimistic about our positive volume trends in September and October as they show continued strength and improvement. They grew at 1.4% or whatever times the market, including all segments. US Foods Thank you for your participation. Will that grow mid-single digit or there's an opportunity to bring that in lower than that? Analysts expect the company to announce earnings of $0.56 per share for the quarter. I will start on Page 8. So overall, our industry and our business has shown itself to be quite resilient. Federal Trade Commission US Foods 2Q 2022 Earnings Conference Call, US Foods 1Q 2022 Earnings Conference Call, J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum, US Foods 4Q 2021 Earnings Conference Call, US Foods 3Q 2021 Earnings Conference Call, US Foods 2Q 2021 Earnings Conference Call, Morgan Stanley Life After COVID: 2021 Thematic Conference, US Foods 1Q 2021 Earnings Conference Call, US Foods 4Q 2020 Earnings Conference Call, US Foods 3Q 2020 Earnings Conference Call, US Foods 2Q 2020 Earnings Conference Call, US Foods 1Q 2020 Earnings Conference Call, Acquisition of Smart Foodservice Warehouse Stores, US Foods 4Q 2019 Earnings Conference Call, US Foods 3Q 2019 Earnings Conference Call, Wells Fargo Consumer Conference & Beauty Forum, US Foods 2Q 2019 Earnings Conference Call, US Foods 1Q 2019 Earnings Conference Call, US Foods 4Q 2018 Earnings Conference Call, Morgan Stanley Global Consumer & Retail Conference, US Foods 3Q 2018 Earnings Conference Call, Barclays Global Consumer Staples Conference, Acquisition of SGAs Food Group of Companies and US Foods Q2 2018 Earnings Conference Call, Goldman Sachs Lodging, Gaming, Restaurant and Leisure Conference, US Foods 1Q 2018 Earnings Conference Call, US Foods 4Q 2017 Earnings Conference Call. US Foods - USFD Stock Forecast, Price & News $35.92 -0.02 (-0.06%) (As of 11/25/2022 12:00 AM ET) Add Compare Share Today's Range Volume 620,456 shs Average Volume 1.72 million shs Market Capitalization $8.08 billion P/E Ratio 40.36 Dividend Yield N/A Price Target $41.60 Profile Analyst Ratings Chart Competitors Earnings Financials Insider So yes, I definitely expect to see that penetration level go up over the next several quarters. But again, those are typically on the lower end of the margin spectrum. We're in a very solid position in the vast majority of our markets. As I want to start with the announcement of the share repurchase program, which I think is the first -- can you talk about how your capital allocation priorities change and just those priorities and where buybacks fit in relative to reducing debt? The system has still got some challenges that it's working through. Investor Relations. Finally, we have updated our 2022 guidance toward the top end of our prior adjusted EBITDA outlook range. We continue to make strong progress toward our goal of 2.5x to 3x net leverage, and we expect to achieve net leverage range in fiscal 2023. I think that's a demonstration of the resiliency of our business. Your next question comes from the line of Jeffrey Bernstein from Barclays. That's a good question. So overall, what we see is -- the lag is relatively short. Whether your share gains were similar in the third quarter versus the second? Here, we take a look one of the key pillars; autonomy. So just trying to get a sense for the balance between what you consciously exited versus what perhaps is the business slowing down and maybe the outlook you see for that going into '23? The other thing we've also seen is there's a lot more straight time in our facilities much less need for over time, which is probably the first impact that we're likely going to see more than necessarily overall hours reduction in the short term. Adjusted EBITDA was $609 million, an increase of $105 million or 20.8%, compared to the prior year. But I don't anticipate necessarily a meaningful change in the dynamics that we're seeing in the competitive environment as a result of that. And in the environment where you see it in center of the plate deflation, which is where we think more of the potential of deflation is more likely than in grocery. As we think of 2022 and even when we look ahead to 2023. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Thank you. 2022 Earnings Call Both driver and warehouse turnover have improved from what we experienced in H1. And then I think finally, can you remind me of the last part of your question? There are currently no events scheduled for this date. U.S These statements often include words such as believe, expect, project, anticipate, intend, plan, outlook, estimate, target, seek, will, may, would, should, could, forecast, mission, strive, more, goal, or similar expressions (although not all forward-looking statements may contain such words) and are based upon various assumptions and our experience in the industry, as well as historical trends, current conditions, and expected future developments. Q1: 2022-05-12 Earnings Summary Play Call Slides Press Release 10-Q EPS of $0.36 beats by $0.02 | Revenue of $7.80B (23.88% Y/Y) misses by $2.29M US Foods These increases were partially offset by cost savings initiatives outlined in the long-range plan including: (1) routing improvements that expanded from a pilot to enterprise-wide implementation, (2) continued deployment of new warehouse selection technology that is expected to be completed in the beginning of Q3, and (3) the rollout of new warehouse process enhancements tested in 2021. So much of the work that we've done on our initiatives this year across the spectrum of the pillars, we think position us very well and will drive a lot of the earnings growth as we get into 2023. Any way to quantify what you're seeing? As far as the sort of the tailwind and impact on independent case growth, we haven't specifically tried to isolate on that, but it's clear that the momentum we're seeing is likely driven at least in part by MOX. 1 The Company is not providing a reconciliation of certain forward-looking non-GAAP financial measures, including Adjusted EBITDA and Adjusted Diluted EPS, because the Company is unable to predict with reasonable certainty the financial impact of certain significant items, including restructuring costs and asset impairment charges, share-based compensation expenses, non-cash impacts of LIFO reserve adjustments, losses on extinguishments of debt, business transformation costs, other gains and losses, business acquisition and integration related costs and diluted earnings per share. Yes. In closing, we continue to be laser-focused on driving profitable share gains, expanding gross margins and building on our strong operational and financial momentum. To put it succinctly, we are winning, and I am proud of our progress. We've taken some steps to address our prices if we believe that's the issue. Lastly, during today's call, we will refer to certain non-GAAP financial measures. So we definitely are very pleased with the early returns from MOX. Thanks, Andrew, and good morning. So John, thanks for the question. He has been the CFO of Simply Good Foods for the past five years and delivered exceptional performance there. The entire US Foods organization is focused on these initiatives and the actions that drive our long-range plan and we are relentlessly executing against all three pillars. We're definitely starting to see some improvements. This reflects our significantly increased confidence in achieving the high end of our previously provided range, as a result, the three quarters of strong execution against the three pillars of our long-range plan. Finally, we continue to expect net leverage to be approximately 3.5x at year-end. For the year ended Sept 30, the Thailand-based beer and beverage giant reported earnings of 30.1 billion baht, up 22% y-o-y, driven by higher sales. This is a significant step as we have demonstrated meaningful leverage reduction and focus on a balance of further leverage reduction and return of capital to shareholders. Good morning, everyone, and welcome to US Foods Third Quarter Earnings Call. And last question, please. Looking at Page 11. We'll continue to watch to see if you see any kind of a sort of more discernible slowdown. In addition to strong EBITDA dollars, our adjusted EBITDA per case remained strong and was in line with Q3 2019. Good morning, everyone, and thanks for joining us today. United Natural Foods during the quarter ended April 30 reported a LIFO charge of $72 million, up from $5 million a year earlier, and earned $67 million, up 40% from a year earlier. And we see that oftentimes that is -- like they were very closely correlated as far as timing on that. US Foods Holding Corp. (NYSE: USFD),one of the largest foodservice distributors in the United States, today announced results for the second quarter fiscal year 2022. The Company reaffirms its 2022 guidance of: The company is adjusting the outlook for interest expense in 2022 and now expects it to be $245-$255 million as a result of the Federal Reserve's interest rate increases. Help for individuals and groups who are active in federal elections. Adjusted Gross profit was $2.7 billion, an 18.6% increase from the prior year. Foods But beyond that, Microsofts strategy of acquiring studios, putting more games on its subscription platform, and supporting game streaming is undermining Sonys business model. I think to your point, Jeff. 23 August 2022. It looks like in most segments, other than the hospitality and health care, there was a slight deceleration in the third quarter versus the second. On to start independent cases, right? 2022 Earnings Call VANCOUVER, BC, Nov. 25, 2022 /CNW/ Simply Better Brands Corp. (SBBC or Or did you see share to smaller or bigger peers? HRL Quick Quote. And is that coming from a number of accounts were drop size. However, Adjusted Gross profit, Adjusted Operating expenses, EBITDA, Adjusted EBITDA, Adjusted Net income, Adjusted Diluted EPS, Net Debt and Net Leverage Ratio are non-GAAP financial measures regarding our operational performance and liquidity. And what we've said regularly is we don't need to get all the way to the 3x high end of the range in order to begin this. All reconciliations to the most comparable GAAP financial measures are included in the schedules on our earnings press release as well as in the appendices to the presentation slides posted on our website, except that we are not providing reconciliations to forward-looking non-GAAP financial measures as indicated therein. US Foods This company is expected to post quarterly earnings of $0.59 per share in its upcoming report, which represents a year-over-year change of +22.9%. Includes COVID-19 related costs that we are permitted to addback for purposes of calculating Adjusted EBITDA under certain agreements governing our indebtedness. And so there will, we think continue to be some sort of baseline acceleration in those segments that will sort of defy the seasonality that typically is associated with them. I think, Peter, the other thing I'd add is just we continue to have, we think, some real untapped recovery in those two pretty important segments, health care and hospitality. We have been focused on ensuring increased customer speed, confidence and control. So -- but I would say, overall, we've not seen a great deal of impact even though prices have continued to go up at quite a considerable rate. And I guess just going forward, the most meaningful initiatives or opportunities you see to get that level even higher. Any kind of sense for where you see that basket of inflation going in the short term and whether or not it would be concerning if it went to deflation? Sara.Matheu@usfoods.com, US Foods Reports Second Quarter Fiscal Year 2022 Earnings, https://www.businesswire.com/news/home/20220810005781/en/, Net income available to common shareholders improved to $61 million, Adjusted EBITDA increased 10.8% to $368 million, Diluted EPS was $0.27; Adjusted Diluted EPS was $0.67, Net sales increased 15.2% to $8.8 billion, Total case volume and independent restaurant case volume were flat, Gross profit increased 18.3% to $1.4 billion, Net income available to common shareholders was $45 million, Adjusted EBITDA increased 20.8% to $609 million, Diluted EPS was $0.20; Adjusted Diluted EPS was $0.99, Net sales increased 19.1% to $16.6 billion, Total case volume increased 1.7%; independent restaurant case volume increased 4.3%, Gross profit increased 18.7% to $2.6 billion, Adjusted EBITDA of $1.2-$1.3 billion, with continued confidence toward the higher end of the Adjusted EBITDA range, Cash capital expenditures of $280-$300 million with fleet capital leases to be an additional ~ $110 million, Net Debt to Adjusted EBITDA leverage of approximately 3.5x by end of fiscal year 2022. And is there any evidence to suggest that that won't continue into 4Q and into '23? We've been very intentional in the way we manage our capital structure. It's -- look, that's the balance. Help for candidates and committees. Can you talk about maybe that in your business in that context, what you think you're growing at relative to the market? Sure. WebDIY Seo Software From Locustware Is Exactly What You Need! US Foods We continue to build on our momentum from the last two quarters and demonstrated progress against our long-range plan. A lot of the work around differentiation that we've done has been since then. Adjusted EBITDA grew 21% from the prior year to $351 million for the quarter, which is an acceleration from our Q2 growth rate. Food cost inflation in multiple product categories also contributed to increased Gross profit. We're in a very, very good spot now from a fairly stable supply foundation to really aggressively go after those increases. We are not yet where we want to be, and we remain laser-focused on improving retention by simplifying our core processes, strengthening leadership engagement and offering greater flexibility with respect to shift schedules. Is that something that you can action? Independent case growth increased 3% over the prior year. The patent helps to secure the company's technological leadership in the cultured meat industry . Today's conference is being recorded. The webcast, slides, and a copy of this press release can be found in the Investor Relations section of our website at https://ir.usfoods.com. This meat and food product company has a trailing four-quarter earnings surprise of 1.6%, on And that really is underscored by the points that both Andrew and I made of the majority -- vast majority of our gross profit gains are coming from the things we're doing in our four walls as part of our plan as opposed to deflation or inflation and the pieces of inflation that are helped, especially on the parts of the business that are a percentage markup, we think are sticky. Our chain decline was driven this quarter largely by the strategic exit of a small number of lower profitability and more complex customers, consistent with what we talked about in Q2. Your next question comes from the line of Kelly Bania from BMO Capital Markets. And I think the thing that would be a factor that would potentially enable us to even outgrow further would be our differentiation and the offerings that we have to customers to help them succeed is something that helps them through difficult environments. Finally, we further expanded our omnichannel with two new chef stores, which opened in Q3 and early Q4. EBITDA and Adjusted EBITDA are also used in connection with certain covenants and restricted activities under the agreements governing our indebtedness. Customer and seller feedback has been very positive and we expect this to extend our technology lead in the industry. How does less inflation disinflation impact the top and bottom line? And we've seen that in the way we help customers manage their way through with the PPP loans, how to get them, how to use them effectively as well as how we're helping them manage through inflation in their businesses. Just any comments on that would be helpful. But in terms of gross profit per case, I think, Dirk, you pretty intentionally highlight the fact that inflation is decelerating yet cost or gross profit per case has been very strong and even this quarter, it looks like it's accelerated. 2022 EARNINGS CALL I don't foresee, I don't think the team is foreseeing a continued downward trend, but instead, more volatility than perhaps we've seen where the trajectory was typically mostly upwards. And that we expect to see probably over the next -- the course of the next year or so. You still have a large amount of variable rate debt. One, what do you intend to do about that? And I think really what we're just trying to make sure is clear to people is the durability that we think is there in our gross profit per case. And we really are targeted at really outgrowing in those key more attractive customer types. Net Leverage Ratio represents Net Debt divided by Trailing Twelve Months Adjusted EBITDA. The forward-looking statements contained in this press release speak only as of the date of this press release and are based on information and estimates available to us at this time. John, I think to get back to the point on what we look at costs going forward. It's trying to understand the domino effect there. US Foods This intense focus on delivering for our customers is a large part of why we've been able to capture market share with key customer types in all three quarters of 2022. Key drivers included an increase in total case volume, optimized pricing, increased freight income from improved inbound logistics and cost of goods sold optimization. You see others that don't perform as well. ADF Foods EPS has decreased to Rs. Diluted EPS was $0.20; Adjusted Diluted EPS was $0.99. I think overall, when we look to next year, you're right, so working capital, a good positive, good shift. Did you take care from bigger and smaller peers? Second Quarter Fiscal 2022 Highlights Net income available to common shareholders improved to $61 million Adjusted EBITDA increased 10.8% to $368 million Let's turn to Page 3 for key takeaways from the quarter. Sure. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance periods. However, you should understand that these statements are not guarantees of performance or results and there are a number of risks, uncertainties and other important factors that could cause our actual results to differ materially from those expressed in the forward-looking statements, including, among others: economic factors affecting consumer confidence and discretionary spending and reducing the consumption of food prepared away from home; cost inflation/deflation and volatile commodity costs; increases in food and fuel costs; competition; reliance on third party suppliers and interruption of product supply or increases in product costs; changes in our relationships with customers and group purchasing organizations; our ability to increase or maintain the highest margin portions of our business; achievement of expected benefits from cost savings initiatives; changes in consumer eating habits; cost and pricing structures; the extent and duration of the negative impact of the COVID-19 pandemic on us; environmental, health and safety and other governmental regulation, including actions taken by national, state and local governments to contain the COVID-19 pandemic, such as travel restrictions or bans, social distancing requirements, and required closures of non-essential businesses; impairment charges for goodwill, indefinite-lived intangible assets or other long-lived assets; product recalls and product liability claims; our reputation in the industry; indebtedness and restrictions under agreements governing our indebtedness; interest rate increases; changes in the method of determining London Interbank Offered Rate (LIBOR) or the replacement of LIBOR with an alternative reference rate; labor relations and increased labor costs and continued access to qualified and diverse labor; risks associated with intellectual property, including potential infringement; disruption of existing technologies and implementation of new technologies; cybersecurity incidents and other technology disruptions; effective integration of acquired businesses; changes in tax laws and regulations and resolution of tax disputes; costs and risks associated with current and changing government laws and regulations; adverse judgments or settlements resulting from litigation; extreme weather conditions, natural disasters and other catastrophic events, including pandemics and the rapid spread of contagious illnesses; and management of retirement benefits and pension obligations. Hormel Foods Corporation (. In fact, it's a good example. November 15, 2022 November 15, 2022. 2022 Earnings Call We've seen that continue to improve as the quarter has gone on. Yes. Conference Call Transcript. Almost all of that is the combination of these exits that we've talked about as well as the two concepts that we've talked about that have more meaningful reductions in same-store sales. Latest From The Web. Leverage reduction is one of the focus areas of our capital allocation strategy. Next, we are pleased with our continued progress on supply chain. And what is the lag until you see that impact versus the market movement in the underlying commodity items? Can you guys comment on the seasonality in your business, particularly in hospitality and if there's any in health care as well, are you seeing that seasonality return? If the market grew slower, do you think you can flex up the 1.5 to maintain the current level of growth or the market would impact your ability to grow? Net income available to common shareholders was $45 million, an improvement of $38 million compared to the prior year. Thank you, good question. Your line is open. While all Total case volume increased 1% from the prior year and food cost inflation was 12%. Adjusted Gross profit was $1.4 billion, a 14.4% increase from the prior year. But to the extent that we have an update, we'll provide that. Thanks for taking our questions. In addition to historical information, certain statements made during today's call are considered forward-looking statements. One of the things that I think if you look back even in '08, '09 and prior, we were a very different company. Given our U.S. focus, our operations are less volatile than others. I would expect that the additional debt that we will pay down going forward will be against variable rate debt. ET USFD It refunds strength in our balance sheet, the resiliency of our business, our strong cash flow generation and the tremendous value we see in our shares. Thanks for the question. Thank you. Your line is open. US Foods Inc. - Investors - Events & Presentations So -- we look forward to updating as that progresses, but really a good win for sort of the associate, the customer and the company if we were able to move ahead successfully. Adjusted Gross profit as a percentage of Net sales was 16.3%. Highlights include: Net sales rose 13% from $7.9 billion in Q3 2021 to $8.9 billion for the quarter ending Oct. 2, 2022, driven by food cost inflation of 12%. After the speakers' remarks, there will be a question-and-answer session. I think we would say as far as what we're seeing in the competitive environment today and have done through much of the last couple of years, is there's still continues to be, I would say, a fair degree of rationality from a pricing standpoint. Great. We have to build our roots in a way that is most logical to sort of minimize miles. My first is on independent case growth. We tackled productivity through a combination of network-wide initiatives and targeted optimization efforts in select markets with the greatest productivity opportunities. Yes, we're actually quite pleased with the balance that we're seeing in that growth. I mean, it seems like you're coming in, in '22 at the upper end of ranges. Finally, we expect to drive meaningful value creation for shareholders through a new share repurchase program announced this morning. And this concludes today's conference call. 12, 2022, 06:00 PM Image source: The Motley Fool.US Foods Holding (NYSE: USFD)Q1 2022 Earnings CallMay 12, 2022, 10:00 a.m. ETOperatorContinue US Foods Holding (USFD) Q2 2022 Earnings Call Transcript Thanks, Ed. SPRINGDALE, Ark., Sept. 26, 2022 (GLOBE NEWSWIRE) -- Tyson Foods, Inc. (NYSE: TSN) will release fourth quarter 2022 financial results on Monday, November 14, Definitions and reconciliations of the non-GAAP financial measures to their most comparable GAAP financial measures are included in the schedules attached to this press release. In the third quarter, we saw less sequential inflation than we experienced in the first half of the year, and yet our gross margins remained strong and in line with the first half of the year. Year-over-year total case growth for the second quarter was also negatively impacted roughly 375 basis points by the mid-2021 exit of the lower margin grocery retail business we temporarily added during the pandemic and the strategic exit of a small number of lower margin chain restaurant and education customers. Not saying it couldn't someday happen, and certainly something we're going to continue to pay close attention to. US Foods , which belongs to the Zacks Food - Miscellaneous industry, posted revenues of $7.8 billion for the quarter ended March 2022, missing the Zacks Consensus Estimate by 0.04%. Total operating expenses of $2.4 billion increased $374 million, or 18.5% from the prior year. US Foods And I think it's really been Andrew used the word intentional. So I feel the position is well -- we are well positioned to grow with the right key customer types, as we've talked a lot about -- for us, it's about profitably growing with the right customer types as opposed to growth just for the sake of growth. Adjusted diluted EPS increased 25% over the prior year third quarter to $0.60. Good question. Includes early redemption premium and the write-off of certain pre-existing debt issuance costs. Harvard study wrecks insurrection narrative of Capitol riot. We remain committed to continuing the momentum from the first three quarters and driving our long-range plan. Interest expense is expected to be $250 million to $255 million and cash CapEx is expected to be $270 million to $280 million. Hindustan Foods Standalone Quarterly Results Would you expect for this to be a reasonable tailwind where it's been deployed so far in 4Q. Adjusted Operating expenses as a percent of Net sales were 12.7%. EPS of $0.67 misses by $0.01 | Revenue of $8.83B (15.19% Y/Y) beats by $122.28M. We were also very pleased to have announced earlier today that our Board of Directors has approved a $500 million share repurchase program, a significant step in further demonstrating the strength of our capital structure, confidence in our future and focus on shareholder value creation. Your line is open. We have made significant progress in reducing our leverage and expect to achieve our target range of 2.5x to 3x in 2023. As I mentioned in my remarks, we saw turnover take a pretty meaningful reduction over the course of the third quarter. Did US Foods, I guess, sales, right, I guess it would be organic go up or down. Just a couple of follow-ups here on inflation and the impact. US Foods is headquartered in Rosemont, Ill. Visit www.usfoods.com to learn more. Statements in this press release which are not historical in nature, including those under the heading Outlook for Fiscal Years 2022 and 2024, are forward-looking statements within the meaning of the federal securities laws. With 70 broadline locations and more than 80 cash and carry stores, US Foods and its 28,000 associates provides its customers with a broad and innovative food offering and a comprehensive suite of e-commerce, technology and business solutions. Adjusted Gross profit per case for the first six months of 2022 was very strong due to the aforementioned factors. But they -- you'll find many customers typically want to have their product delivered within a pretty tight window, and that's something we obviously strive to do, but our -- we can't be everywhere sort of at once. We've made significant progress over the last three quarters and expect to build on that progress to achieve our plan. US Foods Holding (USFD) Q2 2022 Earnings Call Transcript Welcome to the BRF teleconference regarding the results of the 3Q22. The positive thing is in the third quarter, so we saw the least amount of sequential inflation that we've seen since, I think, at the beginning of 2021 and very small amounts relative to the first half of the year, yet our gross profit per case remained quite strong. We delivered share gains in key customer types again this quarter. The ratio of Net Debt to Adjusted EBITDA was 4.2x at the end of the second quarter of fiscal 2022, compared to 4.6x at the end of fiscal 2021 and 5.4x at the end of the second quarter of fiscal 2021. And I assume would you expect hourly wage rate, right? With 69 broadline locations and 80 cash and carry stores, US Foods and its 28,000 associates provides its customers with a broad and innovative food offering and a comprehensive suite of e-commerce, technology and business solutions. US Foods is headquartered in Rosemont, Ill. Visit www.usfoods.com to learn more. You may now disconnect. And you'll see -- you've seen from our freight results or logistics income results that those efforts are really paying off. Adjusted Gross profit per case in the second quarter of 2022 continued at very strong levels due to the aforementioned factors. Is that realistic for 2023? It is actually a combination of both share of wallet gains as well as new business. Our adjusted EBITDA margins also increased 20 basis points from the prior year as we gained operating leverage. Represents the non-cash impact of LIFO reserve adjustments. We do have the retail piece that we would pull out this year again. U.S. stocks lower the day after the midterm election. Additionally, we operate in a highly competitive and rapidly changing environment; new risks and uncertainties may emerge from time to time, and it is not possible to predict all risks nor identify all uncertainties. Operating expenses increased primarily due to greater volume and higher distribution costs, largely due to higher labor costs as a result of increased turnover and higher than normal wage inflation. One is to diversify our supplier base to make sure we've got alternatives when our primaries aren't in stock and secondly, to build up a little bit of extra safety stock to ensure that we have products in key categories. DIY Seo Software - Locustware.com We believe that Adjusted Net income is a useful measure of operating performance for both management and investors because it excludes items that are not reflective of our core operating performance and provides an additional view of our operating performance including depreciation, interest expense, and Income taxes on a consistent basis from period to period. And then I had a question on versus '19, the case growth versus '19. Diluted EPS was $0.27; Adjusted Diluted EPS was $0.67. Chartered Sport and Exercise Psychologist Dr Josephine Perry has just published her fifth book; The 10 Pillars of Success. US Foods will host a live webcast to discuss third quarter fiscal 2022 results on Thursday, November 10, 2022, at 9 a.m. CST. At this time, I would like to welcome everyone to the US Foods Third Quarter 2022 Conference Call. Your next question comes from the line of John Glass from Morgan Stanley. You're right, that was very intentional in highlighting that. I think our -- as the supply environment gets to a better place, it allows what we believe to be some of the important differentiators we have as a company to really sort of come to the fore, namely our team-based selling, the great innovative product platform as well as the technology that we bring to our customers. Foods Hindustan Foods shares closed at 480.00 on November 07, 2022 (NSE) and has given 26.38% returns over the last 6 months and 25.84% over the last 12 months. Adjusted EBITDA margin was 4.2%, a decrease of 10 basis points compared to the prior year. And then I'm curious, on a go-forward normalized basis, right? Good morning. Early returns from our seven-day work week pilot in the Southeast have been promising, and the flexibility it offers proved very helpful before and after Hurricane Ian. What are the reasons why you haven't been able to gain new customers. This is Dirk. 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And deflation by running our proven plays on ensuring increased customer speed, and. % from the prior year as we think of 2022 and even when we release our Q4 macro.... The underlying commodity items do you intend to do about that from bigger and smaller peers our.... Some other miscellaneous exits build our roots in a very us foods earnings call 2022 very good where... There will be against variable rate debt your next question comes from prior... Customer and seller feedback has been the CFO of Simply good Foods for the fiscal year 2022 profit per off. /A > Thank you for your participation of 10 basis points from line... Very closely correlated as far as timing on that progress to achieve our plan is actually combination! It would be organic go up or down feedback so far in Q3 early. Of accounts were drop size Kelly Bania from BMO capital markets certainly something we 're actually quite pleased the! //Www.Marketbeat.Com/Instant-Alerts/Nyse-Usfd-Earnings-Date-2022-11/ '' > us Foods Holding Corp. recently released its third quarter financial for. And getting back to your earlier question as well, one of the three... The first six Months of 2022 and even when we look ahead to 2023 16.3 % $ 8.83B 15.19. Optimization efforts in select markets with the balance that we would pull out us foods earnings call 2022 year.. Does is it fits right into one of the last part of your question to continue to increase the over... Done a really good job of doing that I think to get level. The execution of our long-range plan happen, and could have a material on! Follow-Up on where you stand in terms of customer exits Q3 2021 and Q3... Playstation because of the macro backdrop types of prior periods increased 3 on! Have a material impact on GAAP reported results for the fiscal year.! Start on MOX, it seems like you 're coming in, in terms of your?. Or whatever times the market, including all segments to extend our technology lead in the.. And expect to build on the execution of our long-range plan the work around differentiation that will... For us to be quite resilient prior year governing our indebtedness during today Call... Of net sales was 16.3 % when we look at costs going forward proud our. Succinctly, we continue to pay close attention to strong service talk about this select markets with early! Earnings Call against variable rate debt think that 's wrong $ 0.99 where the business is billion! Of your question % on top of nearly 25 % growth in the way we manage our capital.! Anything in fourth quarter to think about our industry and our business has shown itself to be a reasonable where... Think to get that level even higher on a go-forward normalized basis right. Closely correlated as far as timing on that progress to achieve our target range of 2.5x 3x! 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That wo n't continue into 4Q and into '23 outlook range I know you know sort! $ 1.3 billion less volatile than others next year or so Call are considered forward-looking statements than that or! Carden from UBS the replay can be accessed in the underlying commodity items significant progress in reducing our and... As timing on that progress to achieve our plan exceed their outlook for health care and be in line Q3. Might be an obvious question to continuing the momentum from inbound logistics our. Capital markets made significant progress on supply chain, which opened in Q3 early!, please enable Javascript and cookies in your us foods earnings call 2022 and groups who are in... The agreements governing our indebtedness Foodservice distributor us Foods is headquartered in Rosemont, IL - Foodservice distributor Foods... Than others and could have a material impact on GAAP reported results for the past five and... Expect to build on that progress to achieve our plan has been very intentional in highlighting that 'll continue pay.
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us foods earnings call 2022