logo
Plus   Neg
Share
Email

United Natural Foods Posts Q2 Loss

United Natural Foods, Inc. (UNFI) Tuesday reported second-quarter net loss of $341.7 million or $6.72 per share, compared to net income of $50.5 million or $0.99 per share.

The bottom-line was primarily impacted by goodwill and asset impairment charges as well as restructuring, acquisition, and integration related expenses and increased interest expense.

On an adjusted basis, earnings for the quarter were $0.44 per share, down from $0.77 per share last year. On average, 10 analysts polled by Thomson Reuters estimate earnings of $0.24 per share for the quarter.

Net sales for the quarter rose to $6.15 billion from $2.53 billion last year. Analysts had a consensus revenue estimate of $6.0 billion for the quarter. Net sales for the quarter included $3.47 billion from Supervalu.

"I'm pleased by the tremendous work and meaningful progress our team accomplished this quarter on the integration of SUPERVALU and the positioning of UNFI as the premier food distribution company in North America," said CEO Steven Spinner. "We know realizing all the benefits of this combination will take time, and we're focused on executing against our plan for the long-term."

For the full year 2019, United Natural Foods now expects adjusted earnings of $2.00 to $2.40 per share and revenues of $21.5 billion to $22.0 billion. Analysts currently estimate earnings of $1.69 per share and revenues of $24.45 billion.

Earlier, the company expected adjusted earnings of $1.69 to $1.89 per share and revenues of $21.5 to $22.0 billion.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Shares of Tesla Motors Inc. (TSLA) surged 12% in extended trading session on Wednesday after the luxury electric car maker reported a surprise third-quarter profit, which trumped Wall Street estimates. Looking forward, the company said it is "highly confident" to exceed 360,000 deliveries this year. Palo... Spotify is offering free Google Home Mini speakers to all new and existing Spotify Premium users in the U.S. The music streaming service said Tuesday that the Google Home Mini offer is for all eligible Premium Individual and Premium Family master account users in the U.S. The offer is available through November 15, or until supplies last. Federal Cartridge recalled about 3,100 units of Blackhawk T-Series L2C gun holsters due to injury hazard, a statement published by the U.S. Consumer Product Safety Commission said. The safety switch on the firearm can change its position without the knowledge of the user due to the holster design, causing the gun to fire if the trigger is pulled and pose injury hazard to the user and bystander.
RELATED NEWS
Follow RTT
>