ROSEMONT, IL - US Foods is still riding the high of acquiring the Food Group of Companies late last year for $1.8 billion. This week, the foodservice distributor released financial results from its fourth quarter and full fiscal year 2019, in which the company noted growth across the board thanks to its key acquisitions, new product introductions, and ever-implementable strategy.
“Our Great Food. Made Easy. strategy continues to resonate with customers, with 56 new Scoop products launched during the year and continued enhancements to our value-added services platform,” said Chairman and CEO Pietro Satriano. “The integration of the Food Group is progressing as planned with a new leadership organization in place and the successful launch of our best-selling Scoop products in our Northwest markets now complete. We are confident in the future growth prospects for our business and our ability to achieve the 2020 guidance targets we have set for the year."
According to a press release, highlights from US Foods’ fourth quarter fiscal 2019 include the following:
- Total case volume increased 12.3%; independent restaurant case volume increased 11.9%
- Total organic case volume increased 0.4%; independent restaurant organic case volume increased 2.9%
- Net sales increased 14.8% to $6.9 billion; organic net sales increased 3.0% to $6.2 billion
- Gross profit increased 13.3% to $1.2 billion
- Income from continuing operations before income taxes decreased $10 million to $122 million
- Net income decreased $8 million to $92 million
- Adjusted EBITDA increased 12.8% to $335 million; organic Adjusted EBITDA increased 6.7% to $317 million
- Diluted EPS of $0.42; Adjusted Diluted EPS increased 10.0% to $0.66
“In fiscal 2019, we continued to profitably grow our business while expanding our operating leverage for the fourth consecutive year,” continued Satriano. “Full year organic Adjusted EBITDA growth of 6.2% was in line with our guidance for the year and we grew Adjusted Diluted EPS by almost 10%.”
Additional highlights from fiscal year 2019 included the following:
- Total case volume increased 4.6%; independent restaurant case volume increased 7.1%
- Total organic case volume increased 1.1%; independent restaurant organic case volume increased 4.4%
- Net sales increased 7.3% to $25.9 billion; organic Net sales increased 3.8% to $25.1 billion
- Gross profit increased 6.5% to $4.6 billion
- Income from continuing operations before income taxes increased $15 million to $511 million
- Net income decreased $22 million to $385 million
- Adjusted EBITDA increased 8.3% to $1,194 million; organic Adjusted EBITDA increased 6.2% to $1,171 million
- Diluted EPS of $1.75; Adjusted Diluted EPS increased 9.7% to $2.38
With such a successful ending to its 2019, US Foods is already charting the same growth for 2020. To read the distributor’s financial report in its entirety, click here.
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