US Foods reports Q1 adjusted EPS 54c, consensus 53c

Reports Q1 revenue $8.9B, consensus $8.91B. “Our results for Q1 were in line with our expectations, demonstrating the strength of our business model and our ability to win in any environment as we overcame both internal and external headwinds to start the year…” said Dave Flitman, CEO. “We continue to make significant improvements in our operational performance as we achieved a 30% improvement in our safety results and drove nearly 4% improvement in delivery productivity, in line with our goal to increase productivity by 3% to 5% annually. We closed on our previously announced acquisition of IWC Food Service in April and are excited to welcome the team to US Foods…” “We executed well in the first quarter despite the challenging start to the year by staying focused on what we can control,” added CFO Dirk Locascio. “We continue to execute our strategy and focus on driving profitability improvement, accelerating free cash flow generation and maintaining our strong balance sheet. Given our performance for the first quarter and outlook for the full year, we are reaffirming our FY24 guidance.”