Chefs' Warehouse tweaks outlook
RIDGEFIELD, Conn. (AP) — The Chefs' Warehouse Inc., a specialty food distributor, updated its full-year outlook on Wednesday, narrowing the range of expected profits while saying that its earnings would be more heavily weighted toward the end of the year.
The company said that it expects third-quarter adjusted earnings to be comparable to a year ago, when it earned 21 cents per share. That was below the 24 cents per share expected by analysts polled by FactSet.
The company said the benefits of its May 1 acquisition of Qzina's Specialty Foods business would be felt more in the fourth quarter through December than in the third quarter through September.
The midpoint of its full-year profit forecast was unchanged, although it narrowed the range of expected adjusted earnings per share to 92 cents to 96 cents per share, instead of 90 cents to 98 cents per share it predicted earlier. Analysts were looking for 94 cents per share in annual adjusted earnings.
Its outlook for full-year revenue was unchanged at $650 million to $690 million. Analysts expect $668 million in revenue.
Chefs' Warehouse shares slipped 56 cents, or 2.4 percent, to $22.45 in midday trading.