Shares of United Natural Foods, Inc. (UNFI) are rising more than 17% Tuesday morning after reporting stronger-than-expected fourth quarter results. The company also provided full-year 2022 outlook, better than Street view.
United Natural Foods reported net income of $43 million or $0.69 per share in the fourth quarter, lower than $53 million or $0.89 per share in the same quarter a year ago.
Excluding items, earnings were $1.18 per share, that beat the average estimate of 10 analysts polled by Thomson Reuters at $0.8 per share.
Net sales for the quarter decreased 0.5% year-over-year at $6.7 billion. The consensus estimate was for $6.85 billion.
Looking forward to the full-year, the company expects net sales to be in the range of $27.8 million - $28.3 million and adjusted EPS to be in the range of $3.90 - $4.20. Analysts expect the company to report earnings of $3.38 per share on revenue of $27.81 billion for the period.
"I see significant opportunity to accelerate the value we create with and for our customers as well as the opportunity to make our operations more effective and efficient, both leading to continued profitable growth within our estimated $140 billion addressable market," said Sandy Douglas, Chief Executive Officer.
UNFI touched a new high of $46.75 this morning before slipping to trade at $44.67 currently.
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