Stock Alert: Natural Foods Jumps 35% On Increased Earnings

(RTTNews) - Shares of natural, organic, and specialty products distributor Natural Foods, Inc. (UNFI) are surging more than 35% Wednesday morning after reporting increased preliminary third-quarter earnings. The stock hit a new high of $21.50.

Preliminary adjusted EPS increased 130% at $1.40. Analysts polled by Thomson Reuters expect earnings of $0.58 per share.

Preliminary sales increased 12% year-over-year at $6.668 billion, driven by strong customer demand during the COVID-19 pandemic. The consensus estimate is at $6.35 billion.

The company said its net debt also reduced by approximately $290 million in the third quarter.

UNFI has withdrawn its prior fiscal 2020 full-year guidance based on the strength of its fiscal 2020 year-to-date financial performance.