United Natural (UNFI) Q3 Earnings Meet Estimates, Sales Decline

Zacks06-06

United Natural Foods, Inc. UNFI posted soft third-quarter fiscal 2024 results, as both the top and bottom lines declined year over year, and sales fell short of the Zacks Consensus Estimate.However, ...

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UNFI posted soft third-quarter fiscal 2024 results, as both the top and bottom lines declined year over year, and sales fell short of the Zacks Consensus Estimate.However, ...</p>\n\n<a href=\"https://finance.yahoo.com/news/united-natural-unfi-q3-earnings-133800071.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>United Natural (UNFI) Q3 Earnings Meet Estimates, Sales Decline</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUnited Natural (UNFI) Q3 Earnings Meet Estimates, Sales Decline\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-06-06 21:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/united-natural-unfi-q3-earnings-133800071.html><strong>Zacks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>United Natural Foods, Inc. UNFI posted soft third-quarter fiscal 2024 results, as both the top and bottom lines declined year over year, and sales fell short of the Zacks Consensus Estimate.However, ...</p>\n\n<a href=\"https://finance.yahoo.com/news/united-natural-unfi-q3-earnings-133800071.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"UNFI","symbol_name":"联合原生态食品","start_time":0,"source_url":"https://finance.yahoo.com/news/united-natural-unfi-q3-earnings-133800071.html","article_id":"2441746289","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/pLnLhlA4C0mNUgiyW5sW6g--~B/aD00MDA7dz02MzU7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/35c687708a92dc1852487b4945bc1b43"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2441746289","pubTimestamp":1717681080,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"United Natural Foods, Inc. UNFI posted soft third-quarter fiscal 2024 results, as both the top and bottom lines declined year over year, and sales fell short of the Zacks Consensus Estimate.However, the company has been on track with operational and efficiency initiatives to drive cost reductions and supply chain efficiencies. Additionally, United Natural is nearing a new multi-year strategic plan set to commence in fiscal 2025. The updated strategy is expected to generate nearly $100 million in free cash flow in fiscal 2025, with expectations for stable and reliable profit and cash flow growth, improved returns on capital and a reduction in net leverage over multiple years.United Natural’s adjusted earnings came in at 10 cents per share, which matched the Zacks Consensus Estimate. However, this Zacks Rank #4  company’s bottom line slumped 81.5% from 54 cents reported in the year-ago period.United Natural Foods, Inc. price-consensus-eps-surprise-chart | United Natural Foods, Inc. Quote","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"UNFI":"联合原生态食品","UTZ":"Utz Brands, Inc."},"translate_title":"United Natural(UNFI)第三季度盈利符合预期，销售额下降","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"UNFI":1,"UTZ":0.9},"content_text":"United Natural Foods, Inc. UNFI posted soft third-quarter fiscal 2024 results, as both the top and bottom lines declined year over year, and sales fell short of the Zacks Consensus Estimate.However, the company has been on track with operational and efficiency initiatives to drive cost reductions and supply chain efficiencies. Additionally, United Natural is nearing a new multi-year strategic plan set to commence in fiscal 2025. The updated strategy is expected to generate nearly $100 million in free cash flow in fiscal 2025, with expectations for stable and reliable profit and cash flow growth, improved returns on capital and a reduction in net leverage over multiple years.\nQuarter in Detail\nUnited Natural’s adjusted earnings came in at 10 cents per share, which matched the Zacks Consensus Estimate. However, this Zacks Rank #4 (Sell) company’s bottom line slumped 81.5% from 54 cents reported in the year-ago period.\n\nUnited Natural Foods, Inc. Price, Consensus and EPS Surprise \nUnited Natural Foods, Inc. price-consensus-eps-surprise-chart | United Natural Foods, Inc. Quote\n\nNet sales inched down 0.1% to $7,498 million, which missed the Zacks Consensus Estimate of $7,564 million. The downside can be attributed to lower unit volumes, partly compensated by inflation and new business with existing customers.Chains, Independent retailers and Retail witnessed a sales decline of 1.2%, 3.1% and 4.5%, respectively. Supernatural and Other channels rose 5.3% and 0.6%, respectively.United Natural’s gross profit rose 2% to $1,020 million. Excluding the non-cash LIFO charge in both periods, the gross margin contracted 10 basis points to 13.7% in the third quarter due to reduced levels of procurement gains stemming from decelerating inflation, as well as a reduced retail gross margin.Operating expenses were $992 million compared with $967 million reported in the year-ago quarter. As a percentage of sales, operating expenses were 13.2% compared with 12.9% in the year-ago period. The increase resulted from elevated incentive compensation.Adjusted EBITDA came in at $130 million, down from the $159 million reported in the year-ago quarter.\nOther Updates\nThe company had total liquidity of nearly $1.26 billion as of Apr 27, 2024, including cash of nearly $39 million and nearly $1.23 billion under the company’s asset-backed lending facility. Total outstanding debt (net of cash) was $2.13 billion, down $30 million on a sequential basis.During the third quarter, United Natural’s free cash flow amounted to $49 million, with net cash provided by operating activities being $125 million and capital expenditures amounting to $76 million.\nFiscal 2024 Guidance\nFor fiscal 2024, the company continues to anticipate net sales in the range of $30.5-$31.0 billion.Adjusted EBITDA is now expected in the $490-$520 million range compared with the $475-$525 million range forecasted earlier. UNFI now expects to deliver a net loss of $109-$85 million in fiscal 2024 compared with a net loss of $101-$65 million expected earlier.United Natural now envisions the fiscal 2024 bottom line between a loss of 20 cents and earnings of 20 cents. Management had earlier guided the bottom line between a loss of 56 cents per share and earnings of 6 cents.The company projects capital and cloud implementation expenditures of nearly $370 million for fiscal 2024.Shares of UNFI have risen 10.5% in the past three months against the industry’s decline of 3.2%.\nBetter-Ranked Food Bets\nVital Farms Inc. VITL offers a range of produced pasture-raised foods. It currently sports a Zacks Rank #1 (Strong Buy). VITL has a trailing four-quarter average earnings surprise of 102.1%. You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for Vital Farms’ current financial-year sales and earnings suggests growth of 22.5% and 59.3%, respectively, from the year-ago reported numbers.Conagra Brands CAG, a consumer packaged goods food company, currently carries a Zacks Rank #2 (Buy). The Zacks Consensus Estimate for CAG’s current fiscal-year earnings indicates a decline of 5.1% from the year-ago reported figure.Conagra Brands has a trailing four-quarter earnings surprise of 6.8%, on average.Utz Brands Inc. UTZ manufactures a diverse portfolio of salty snacks and currently carries a Zacks Rank #2. UTZ has a trailing four-quarter earnings surprise of 2%, on average.The Zacks Consensus Estimate for Utz Brands’ current financial-year earnings suggests growth of 24.6% from the year-ago reported numbers.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nConagra Brands (CAG) : Free Stock Analysis Report\nUnited Natural Foods, Inc. (UNFI) : Free Stock Analysis Report\nVital Farms, Inc. (VITL) : Free Stock Analysis Report\nUtz Brands, Inc. (UTZ) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.28.1","shortVersion":"4.28.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2441746289"}