United Natural Foods Slashes FY20 Adj. EPS Outlook - Quick Facts

(RTTNews) - While reporting financial results for the second quarter on Wednesday, United Natural Foods, Inc. (UNFI) slashed its adjusted earnings guidance for the full year 2020 to reflect charges taken in the second quarter associated with customer bankruptcy filings. However, it maintained annual net sales outlook.

For fiscal 2020, the company slashed its adjusted earnings to a range of $0.85 to $1.45 per share from the prior forecast range of $1.22 to $1.76 per share. However, the company continues to project net sales between $23.5 billion and $24.3 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.30 per share on net sales of $24.13 billion for the year. Analysts' estimates typically exclude special items.

"Prior to charges associated with the three customer bankruptcies that impacted the quarter, we grew Adjusted EBITDA by low double digits, and we remain optimistic as we move into the second half of our fiscal year and confident in UNFI's long-term growth prospects," said Steven Spinner, Chairman and Chief Executive Officer.