US Foods Holding Corp. posted better-than-expected first-quarter earnings Monday, as volumes began to recover from last year’s pandemic-driven slump. The foodservice distributor posted a net loss of $39 million, or 18 cents a share, in the quarter, narrower than the loss of $132 million, or 60 cents a share, posted in the year-earlier quarter. Adjusted per-share earnings came to 12 cents, or three times the 4 cents FactSet consensus. Sales edged down to $6.295 billion from $6.339 billion, but were also ahead of the $5.945 billion FactSet consensus. “During the first quarter, we saw a meaningful recovery in case volume with our restaurant and hospitality customers,” Chief Executive Pietro Satriano said in a statement. “This momentum has continued into the early part of the second quarter as restrictions on in-person dining continue to be lifted in markets across the country.” Total case volume was down 0.9% from a year ago but showed improvement through the quarter. US Foods is not offering guidance due to the uncertainty created by the pandemic. Shares were not yet active premarket, but have gained 22% in the year to date, while the S&P 500 has gained 12.7%.
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