US Foods Holding Corp. (NYSE: USFD), one of the largest
foodservice distributors in the United States, will host its 2024
Investor Day at its Rosemont, Ill. headquarters today beginning at
9:00 a.m. Central Time. The event will include formal presentations
and two Q&A panel sessions with the executive team and is
expected to conclude at 12:30 p.m. Central Time.
“We are excited to highlight our business drivers and introduce
our new long-term financial targets,” said Dave Flitman, CEO. “With
the support and dedication of our 30,000 associates, I am confident
in our ability to deliver shareholder value in both the near- and
long-term, as we continue to leverage our customer-centric model
and differentiation, advance our operational excellence and remain
disciplined on our capital allocation priorities. Further
highlighting the confidence we have in our future and our
acceleration in operating cash flow, our Board has authorized a $1
billion share repurchase program, which we see as highly accretive
to shareholder value creation.”
Members of the executive team will provide an overview of the
Company’s long-term strategic vision, growth drivers and long
runway of value creation ahead. A leader in a highly fragmented and
resilient industry with large national scale, targeted customer
growth and a leading position in digital innovation, the Company is
executing its transformation, customer-first digital solutions,
sales, supply chain and merchandising excellence. Additionally, the
Company is fully committed to growing its core Broadline business,
and therefore has begun exploring strategic alternatives for its
CHEF’STORE cash and carry retail business.
Based on the Company’s execution to date, strong momentum and
future potential for profitable growth, US Foods is introducing its
long-range plan expectations for financial results in fiscal 20271,
including:
- Net sales of $43.0 billion to $45.0 billion
- Adjusted EBITDA of $2.2 billion to $2.3 billion
- Adjusted Diluted EPS of $5.20 to $5.70
Outlook for Fiscal Year
20241
The Company is reaffirming its Fiscal Year 2024 guidance
provided on May 9, 2024.
- Net Sales of $37.5 to $38.5 billion
- Adjusted EBITDA of $1.69 to $1.74 billion
- Adjusted Diluted EPS of $3.00 to $3.20
_______________________________
1 The Company is not providing a reconciliation of certain
forward-looking non-GAAP financial measures, including Adjusted
EBITDA and Adjusted Diluted EPS, because the Company is unable to
predict with reasonable certainty the financial impact of certain
significant items, including restructuring costs and asset
impairment charges, share-based compensation expenses, non-cash
impacts of LIFO reserve adjustments, losses on extinguishments of
debt, business transformation costs, other gains and losses,
business acquisition and integration related costs and diluted
earnings per share. These items are uncertain, depend on various
factors, and could have a material impact on GAAP reported results
for the guidance periods. For the same reasons, the Company is
unable to address the significance of the unavailable information,
which could be material to future results.
Webcast Information
The live webcast will be available at https://ir.usfoods.com. A
replay of the webcast and slides will be available shortly after
the event concludes.
About US Foods
With a promise to help its customers Make It, US Foods is one of
America’s great food companies and a leading foodservice
distributor, partnering with approximately 250,000 restaurants and
foodservice operators to help their businesses succeed. With more
than 70 broadline locations and approximately 90 cash and carry
stores, US Foods and its 30,000 associates provides its customers
with a broad and innovative food offering and a comprehensive suite
of e-commerce, technology and business solutions. US Foods is
headquartered in Rosemont, Ill. Visit www.usfoods.com to learn
more.
Forward-Looking
Statements
Statements in this press release which are not historical in
nature, including those under the heading “Outlook for Fiscal Year
2024,” are “forward-looking statements” within the meaning of the
federal securities laws. These statements often include words such
as “believe,” “expect,” “project,” “anticipate,” “intend,” “plan,”
“outlook,” “estimate,” “target,” “seek,” “will,” “may,” “would,”
“should,” “could,” “forecast,” “mission,” “strive,” “more,” “goal,”
or similar expressions (although not all forward-looking statements
may contain such words) and are based upon various assumptions and
our experience in the industry, as well as historical trends,
current conditions, and expected future developments. However, you
should understand that these statements are not guarantees of
performance or results and there are a number of risks,
uncertainties and other important factors, many of which are beyond
our control, that could cause our actual results to differ
materially from those expressed in the forward-looking statements,
including, among others: economic factors affecting consumer
confidence and discretionary spending and reducing the consumption
of food prepared away from home; cost inflation/deflation and
commodity volatility; competition; reliance on third party
suppliers and interruption of product supply or increases in
product costs; changes in our relationships with customers and
group purchasing organizations; our ability to increase or maintain
the highest margin portions of our business; achievement of
expected benefits from cost savings initiatives; increases in fuel
costs; changes in consumer eating habits; cost and pricing
structures; the impact of climate change or related legal,
regulatory or market measures; impairment charges for goodwill,
indefinite-lived intangible assets or other long-lived assets; the
impact of governmental regulations; product recalls and product
liability claims; our reputation in the industry; labor relations
and increased labor costs and continued access to qualified and
diverse labor; indebtedness and restrictions under agreements
governing our indebtedness; interest rate increases; disruption of
existing technologies and implementation of new technologies;
cybersecurity incidents and other technology disruptions; risks
associated with intellectual property, including potential
infringement; effective consummation of pending acquisitions and
effective integration of acquired businesses; potential costs
associated with shareholder activism; changes in tax laws and
regulations and resolution of tax disputes; certain provisions in
our governing documents; health and safety risks to our associates
and related losses; adverse judgments or settlements resulting from
litigation; extreme weather conditions, natural disasters and other
catastrophic events; and management of retirement benefits and
pension obligations. For a detailed discussion of these risks,
uncertainties and other factors that could cause our actual results
to differ materially from those anticipated or expressed in any
forward-looking statements, see the section entitled “Risk Factors”
in our Annual Report on Form 10-K for the fiscal year ended
December 30, 2023 filed with the Securities and Exchange Commission
(“SEC”). Additional risks and uncertainties are discussed from time
to time in current, quarterly and annual reports filed by the
Company with the SEC, which are available on the SEC’s website at
www.sec.gov. Additionally, we operate in a highly competitive and
rapidly changing environment; new risks and uncertainties may
emerge from time to time, and it is not possible to predict all
risks nor identify all uncertainties. The forward-looking
statements contained in this press release speak only as of the
date of this press release and are based on information and
estimates available to us at this time. We undertake no obligation
to update or revise any forward-looking statements, except as may
be required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240605973111/en/
INVESTOR CONTACT: Mike Neese (847) 232-5894
Michael.Neese@usfoods.com
MEDIA CONTACT: Sara Matheu (773) 580-3775
Sara.Matheu@usfoods.com
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