US Foods Holding Corp. (NYSE:USFD) reported first-quarter earnings Tuesday. The food service distributor, out of Rosemont, Illinois, reported total case volume increased 1.4%; independent restaurant case volume increased 5.5%
Net sales increased 3.6% to $6.0 billion, with gross profit hiking 6.0% to $1,052 million
Income before income taxes increased $28 million to $91 million. Net income increased $4 million to $71 million. Adjusted EBITDA increased 3.6% to $232 million, and diluted EPS increased 3.2% to $0.32.
Adjusted Diluted EPS increased 5.7% to $0.37.
Said CEO Pietro Satriano. "We accelerated case volumes across all customer types and are particularly pleased with our 5.5% organic independent restaurant case growth rate, our best quarter since third quarter fiscal 2016.
"We expanded our adjusted operating leverage per case for the 13th quarter in a row, resulting in Adjusted EBITDA growth of 3.6%. We remain favorable on the overall industry outlook and expect to deliver the full year fiscal 2019 guidance targets that we discussed on our fourth-quarter call."
Net cash provided by operating activities for the first three months of fiscal 2019 was $154 million, a decrease of $38 million from the prior year, primarily driven by working capital benefits during the first fiscal quarter of 2018 that did not repeat to the same extent in the first fiscal quarter of 2019.
Cash capital expenditures for the first three months of fiscal 2019 totaled $61 million, an increase of $4 million from the prior year.
Shares in USFD popped $1.26, or 3.4%, to $38.05
