- SpartanNash Co (NASDAQ:SPTN) reported second-quarter FY22 sales growth of 7.9% year-on-year to $2.27 billion, beating the consensus of $2.13 billion.
- The company attributed the growth to net sales increases in all three segments, each of which were favorably impacted by inflation.
- Net sales for Food Distribution increased 5.9% Y/Y, Retail grew 8.5%, and Military climbed 12.4%.
- Gross profit rose 6% Y/Y to $354.2 million, and the margin contracted 20 basis points to 15.6%.
- The operating margin was 0.5%, and operating income for the quarter fell 52.4% to $12.3 million.
- The company held $21.2 million in cash and equivalents as of July 16, 2022. Cash provided by operating activities for the six months totaled $28.5 million.
- Adjusted EBITDA increased 13.7% to $61.8 million.
- Adjusted EPS of $0.66 beat the analyst consensus of $0.57.
- Outlook: SpartanNash raised its FY22 sales outlook to $9.3 billion – $9.6 billion from $9.0 billion – $9.3 billion, versus the consensus of $9.12 billion.
- The company continues to expect FY22 adjusted EPS of $2.17 – $2.32, against the consensus of $2.21.
- In addition, SPTN reaffirmed its 2025 long-term financial targets, with sales of more than $10 billion and Adjusted EBITDA of more than $300 million.
- Price Action: SPTN shares traded higher by 0.94% at $32.06 on the last check Thursday.
BMO Capital Downgrades Venator Materials to Underperform, Announces $0.6 Price Target
BMO Capital analyst John McNulty downgrades Venator Materials (NYSE:VNTR) from Market Perform to Underperform and announces $0.6 price target.
