US Foods Holding Corp. improved its Q1 2022 results driven by higher total case volume and food cost inflation compared to the prior year period, according to an earnings report.

Highlights include:

  • Net sales rose from $6.29 billion in Q1 2021 to $7.8 billion for the quarter ending April 2, 2022, driven by higher total case volume and food cost inflation of 17.3% compared to the same quarter a year ago.
  • Total case volume increased 4.1% from the prior year driven by a 3% increase in total restaurant volume, a 64% increase in hospitality volume and a 1% increase in healthcare volume.
  • Total restaurant volume growth was driven by a 9.2% increase in independent restaurant case volume and the successful onboarding of profitable chain business acquired over the last year.
  • Net loss improved from a $24 million loss to a $7 million loss in the comparative quarters.
  • Net loss per share improved from an 18-cent loss to a 7-cent loss on both a basic and diluted basis.
  • Adjusted diluted EPS improved from 12 cents to a 36 cents.

Shares traded today at $33.13 against a 52-week range of $30.02-$40.51.

The $7.8 billion in quarterly revenue was in line with analyst expectations, and the non-GAAP EPS of 36 cents beat expectations by 2 cents, according to Seeking Alpha.

"Our results this quarter are a promising affirmation of our progress in implementing our long-range plan to profitably grow market share, further optimize gross margins and improve operational efficiencies," Executive Chairman Bob Dutkowsky said in the release.

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