United Natural Foods narrows outlook as Canadian dollar hurts business; shares dip aftermarket
United Natural Foods Inc. said Monday the weakened Canadian dollar is still hurting its business, and its shares slumped in aftermarket trading.
The natural and specialty foods distributor's fiscal second-quarter results were about equal to Wall Street estimates, but it narrowed its guidance for the full year. United Natural Foods also recorded a one-time reduction in revenue because of a contractual issue.
Shares of United Natural Foods lost $5.48, or 6.7 percent, to $76 in aftermarket trading following the release of the earnings report.
The company said it earned $27.8 million, or 55 cents per share, over the three months that ended Jan. 31. A year earlier, it earned $28 million, or 56 cents, a share.
The Providence, Rhode Island-based company said it earned 65 cents per share in the most-recent period if one-time items are excluded. Its revenue totaled $2.02 billion, up from $1.65 billion a year ago.
According to Zacks Investment Research, analysts expected net income of 66 cents per share on $2.02 billion in revenue.
United Natural now expects to report an adjusted annual profit of $2.90 to $2.99 per share on $8.19 billion to $8.29 billion in revenue. It had expected net income of $2.88 to $3.01 per share and $8.13 billion to $8.38 billion in revenue.
According to FactSet, analysts are forecasting net income of $2.97 per share and $8.33 billion in revenue.
United Natural shares rose 2.2 percent to close at $81.48 on Monday prior to the release of the earnings report. They are up 5 percent in 2015 and are have risen almost 9 percent over the last 12 months.
_____
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on UNFI at http://www.zacks.com/ap/UNFI
_____
Keywords: United Natural Foods, Earnings Report