United Natural Foods: UNFI shares fall by 1% despite second-quarter earnings hitting

<p>United Natural Foods’ (NYSE: UNFI) result for the second quarter of 2020 has lower UNFI shares on Wednesday. This is thanks to the adjusted earnings per share (EPS) of 32 cents, which beats the Wall Street estimate of 27 cents. The food wholesaler’s revenue of $ 6.14 billion also corresponds to analysts’ estimates.

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The following are some additional highlights from the latest results report from United Natural Foods.

Adjusted earnings per share decreased by 27.27% from 44 cents during the same period last year. Sales for the quarter are marginally lower than $ 6.15 billion during the second quarter of 2019. The earnings report for United Natural Foods also includes a net loss of – $ 30.7 million. This is an improvement of 91.02% compared to the company’s net loss of – $ 341.73 million from the same period the year before.

Steven L. Spinner, President and CEO of United Natural Foods, said the following about UNFI share income:

“Despite significant headwinds in the industry, I am encouraged by our underlying development and the momentum that is building up within our business. Before fees in connection with the three customer bankruptcies that affected the quarter, we increased Adjusted EBITDA by low double digits, and we are still optimistic when we enter the second half of our financial year and are confident of UNFI’s long-term growth prospects. ”

United Natural Foods’ earnings report also includes guidance for the fiscal year 2020. This expects an adjusted earnings per share of 85 cents to $ 1.45 on revenue of $ 23.5 billion to $ 24.3 billion. At the same time, Wall Street estimates for adjusted EPS of $ 1.30 on revenue of $ 24.13 billion.

The UNFI share fell by 1.4% as of Wednesday afternoon.

At the time of writing, William White had no position in any of the above securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/03/united-natural-foods-earnings-hit-unfi-stock/.

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