United Natural Foods (NYSE:UNFI) released preliminary earnings results for its fiscal third quarter of 2020 and they have UNFI stock soaring on Wednesday. That’s due to its adjusted earnings per share (EPS) of $1.40 and revenue of $6.67 billion. These preliminary results are better than Wall Street’s estimates of 58 cents per share and revenue of $6.35 billion.
Let’s take a closer look at the preliminary earnings posted by United Natural Foods.
- Adjusted per-share earnings are up 130% from 61 cents during the same time last year.
- Revenue for the quarter comes in 12% higher than the $5.96 billion reported in the fiscal third quarter of 2019.
- The preliminary United Natural Foods earnings report also includes a net income of $88 million.
- That’s a 54% jump compared to its net income of $57 million from the same period of the year prior.
Steven Spinner, chairman and CEO of United Natural Foods, said this about the preliminary results:
“Customer demand for both our natural and conventional products surged early in our fiscal third quarter and remains elevated, illustrating the value inherent in our strategy to build a distribution network capable of servicing natural, conventional and fresh perimeter products at scale.”
United Natural Foods notes that it is withdrawing its outlook for the full year of 2020. The company cites the economic issues caused by the novel coronavirus as the reason behind this decision. This has it following suit with many other companies.
UNFI stock was up 45.7% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.