US Foods Holding Corp. ( USFD ) shares are trading higher after the company reported second-quarter results.

The company reported adjusted earnings per share of 93 cents, in line with the street view.

Quarterly sales of $9.70 billion (+7.7%) outpaced the analyst consensus of $9.64 billion.

Total case volume increased by 5.2%, with independent restaurant case volume up by 5.7%.

Gross profit rose 7.2% to $1.7 billion, and net income was $198 million. Adjusted EBITDA grew 13.2% to $489 million.

Net debt at the end of the second quarter of the fiscal year was $4.3 billion. 

Also Read: Asia Mixed, Europe Markets Dip; Crude Falls Below $75 And Dollar Slips – Global Markets Today While US Slept

During the second quarter, the company repurchased 0.7 million shares of common stock at an aggregate purchase price of $41 million.

In the second quarter, the company acquired IWC Food Service, a broadline distributor in the greater Nashville area, for about $220 million.

The acquisition, funded with cash from operations, was completed on April 5, 2024.

Outlook: The company is reiterating its fiscal year 2024 guidance, with net sales expected to be $37.5 billion – $38.5 billion (versus $37.87 estimate), adjusted EBITDA between $1.69 billion and $1.74 billion, and adjusted EPS between $3.00 and $3.20 (versus $3.11 estimate).

Price Action: USFD shares are trading higher by 1.96% to $52.10 at last check Thursday.

Read Next:

Global Market Crash Sparks Reflection On Jeff Bezos’ 2000 Dotcom Comments After Amazon’s 80% Plunge: ‘We’re A Company That Wants To Be Weighed, And Over Time We Will Be’