logo
Plus   Neg
Share
Email

United Natural Foods Slashes FY20 Adj. EPS Outlook - Quick Facts

While reporting financial results for the second quarter on Wednesday, United Natural Foods, Inc. (UNFI) slashed its adjusted earnings guidance for the full year 2020 to reflect charges taken in the second quarter associated with customer bankruptcy filings. However, it maintained annual net sales outlook.

For fiscal 2020, the company slashed its adjusted earnings to a range of $0.85 to $1.45 per share from the prior forecast range of $1.22 to $1.76 per share. However, the company continues to project net sales between $23.5 billion and $24.3 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.30 per share on net sales of $24.13 billion for the year. Analysts' estimates typically exclude special items.

"Prior to charges associated with the three customer bankruptcies that impacted the quarter, we grew Adjusted EBITDA by low double digits, and we remain optimistic as we move into the second half of our fiscal year and confident in UNFI's long-term growth prospects," said Steven Spinner, Chairman and Chief Executive Officer.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Amazon.com, Inc. can be held liable for damages caused by defective goods sold on its Marketplace including third parties, according to a ruling by a California appeals court. The California Fourth District Court of Appeals was pronouncing the ruling in a case where a defective replacement laptop battery caught fire and inflicted a woman with third-degree burns. Facebook has launched "Voting Information Center" on Facebook and Instagram platforms, with a view to boosting the number of Americans vote in the upcoming U.S. presidential election in November. The social media giant's latest initiative is expected to help 4 million voters register this year, and help them navigate a 'confusing election process'. Epic Games Inc., the developer of popular game Fortnite, has filed lawsuits against both Apple Inc. and Google after they removed the game from their app stores. The development reflects disputes related to app store fee the tech giants take from each purchase. Epic Games, which has been against the 30 percent revenue cut the two tech giants take from paid apps, added a direct payment option.
Follow RTT