SpartanNash Q2 Earnings Climb, Cuts FY23 Revenue Outlook

(RTTNews) - SpartanNash Co (SPTN), a food solutions company, on Thursday reported higher earnings for the second quarter. However, the company slashed its full-year revenue guidance and maintained its earnings guidance.

Quarterly net earnings increased to $19.5 million or $0.56 per share from $5.1 million or $0.14 of last year.

On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.65 per share for the quarter. Analysts' estimates typically exclude one-time items.

Excluding items, earnings from continuing operations were $22.4 million or $0.65 per share compared to $24.2 million or $0.66 per share last year.

Revenue rose by 1.7 percent to $2.31 billion from $2.27 billion for the prior-year quarter, reflecting sales growth in both the Wholesale and Retail segments which were favorably impacted by inflation trends.

The Street estimate for revenue is $2.36 billion.

Looking ahead to the full year, the company continues to expect earnings in the range of $2.20 per share to $2.35 per share. The Street estimate for earnings per share is $2.25 per share. The adjusted EBITDA is also maintained between $248 million and $263 million.

The company cut its revenue guidance to the range of $9.65 billion to $9.95 billion from its prior range of $9.9 billion to $10.20 billion. The Street estimate for revenue is $10.01 billion.

On Wednesday, shares of SpartanNash closed at $21.97, down 3.89% on Nasdaq.