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Grocery wholesaler United Natural Foods Inc (NYSE:UNFI) shares are ticking higher after the third-quarter FY24 earnings and outlook update.
The company reported a third-quarter FY24 sales decline of 0.1% year-on-year to $7.498 billion, missing the analyst consensus estimate of $7.515 billion.
Gross margin for the quarter was 13.6% versus 13.3% last year. The gross profit climbed 2% to $1 billion.
Operating income for the quarter was $6 million compared to $33 million last year. Adjusted EBITDA of $130 million decreased 18.2% Y/Y. Adjusted EPS of $0.10 beat the consensus estimate of $0.03.
“We delivered another quarter in-line with our fiscal 2024 plan and our third consecutive quarter of improving profitability driven by continued progress on near-term operational and efficiency initiatives,” said Sandy Douglas, UNFI’s Chief Executive Officer.
The company held $39 million in cash and equivalents as of April 27. Free cash flow for the quarter totaled $49 million, and the operating cash flow nine months was $54 million.
Total outstanding debt, net of cash, was $2.13 billion at the end of the third quarter.
“We expect our updated strategy to generate free cash flow approaching $100 million in fiscal 2025 and stable and dependable profit and cash flow growth, with improving returns on capital and declining net leverage on a multi-year basis,” added Douglas.
Outlook: United Natural Foods continues to see FY24 sales of $30.5 billion-$31 billion, against the consensus of $30.78 billion.
UNFI updated FY24 adjusted EPS guidance from $(0.56)-$0.06 to $(0.20)-$0.20 versus the consensus of $(0.06).
Price Action: UNFI shares are trading higher by 12.4% at $13.64 at the last check Wednesday.
Posted In: UNFI
