United Natural Foods Inc. (UNFI), a food company, Wednesday reported 89 percent fall in earnings in its third-quarter profit on higher inflationary pressures as well as reduced procurement gains. Adjusted earnings missed estimates.
Owing to lower inflationary benefits related to reduced procurement gains the company cut its fiscal 2023 earnings outlook.
For the third quarter, net profits were $7 million or $0.12 per share, down from $67 million or $1.10 per share last year. On an adjusted basis, earnings were $0.54 per share.
On average, 13 analysts polled by Thomson Reuters expected the company to earn $0.68 per share. Analysts estimates usually exclude special items.
Revenue for the quarter increased 3.7 percent to $7.51 billion from $7.24 billion in the previous year. Analysts were looking for $7.51 billion.
Looking ahead for the full year, the company now expects the net income to be in the range of $11 - $41 million or $0.20-$0.70 earnings per share. Previously it expected $90-$142 million or $1.50-$2.35 earnings per share.
The adjusted earnings are expected to be $1.80-$2.30 per share. In the previous guidance, the company had expected in the range of $3.05 - $3.90 per share. On average 13 analysts had expected the company to earn $3.32 per share.
The company has maintained its revenue guidance and expects the revenue to be in the range of $30.1 billion-$30.5 billion. The Street estimate for revenue is $30.35 billion.
In premarket activity, shares of United Natural Foods are trading at $19.61 down 28.87% or $7.96 on the New York Stock Exchange.
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