US Foods Holding Corporation. (USFD) has reported 107.69 percent jump in profit for the quarter ended Apr. 01, 2017. The company has earned $27 million, or $0.12 a share in the quarter, compared with $13 million, or $0.08 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $40 million, or $0.18 a share compared with $28 million or $0.16 a share, a year ago.
Revenue during the quarter grew 3.49 percent to $5,788 million from $5,593 million in the previous year period. Gross margin for the quarter contracted 4 basis points over the previous year period to 17.12 percent. Total expenses were 98.67 percent of quarterly revenues, up from 98.48 percent for the same period last year. That has resulted in a contraction of 19 basis points in operating margin to 1.33 percent.
Operating income for the quarter was $77 million, compared with $85 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $215 million compared with $203 million in the prior year period. At the same time, adjusted EBITDA margin improved 9 basis points in the quarter to 3.71 percent from 3.63 percent in the last year period.
"Our business delivered solid results in the first quarter of fiscal 2017," said president and chief executive officer Pietro Satriano. "Solid volume growth with our targeted customer types helped us deliver Net sales growth of 3.5%, and our disciplined focus on improving profitability led to Adjusted EBITDA growth of over 6% against a strong fiscal 2016 first quarter. Our M&A pipeline remains active, and the two new acquisitions closed in the first quarter provide opportunities to increase our independent restaurant share and center of the plate capabilities in protein. We are confident that the continued execution of our strategy will drive solid results as the year progresses."
Operating cash flow declinesUS Foods Holding has generated cash of $122 million from operating activities during the quarter, down 10.95 percent or $ 15 million, when compared with the last year period. The company has spent $132 million cash to meet investing activities during the quarter as against cash outgo of $81 million in the last year period. It has incurred capital expenditure of $69 million on net basis during the quarter, up 97.14 percent or $34 million from year ago period.
Cash flow from financing activities was $31 million for the quarter as against cash outgo of $432 million in the last year period.
Cash and cash equivalents stood at stood at $152 million as at Apr. 01, 2017.
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