NEW YORK - Chefs' Warehouse Inc. (NASDAQ:CHEF) shares fell 2.47% after the specialty food distributor reported third-quarter revenue that missed analyst estimates and provided full-year guidance below expectations.
The company posted revenue of $931.5 million for the quarter, falling short of the $936.51 million consensus forecast. Adjusted earnings per share came in at $0.36, beating estimates by $0.02.
Chefs' Warehouse lowered its full-year 2024 revenue guidance to a range of $3.71 billion to $3.77 billion, below the $3.77 billion analysts were expecting.
"Business and demand trends improved sequentially through the third quarter," said Christopher Pappas, Chairman and CEO. "Customer activity accelerated into the latter half of the quarter and momentum in demand continued into October."
The company reported organic case count growth of 3.1% in its specialty category, with unique customers and placements increasing 4.7% and 10.8% respectively compared to the prior year period.
Gross profit rose 8.2% YoY to $224.7 million, with gross margins expanding 58 basis points to 24.1%.
For fiscal 2024, Chefs' Warehouse expects adjusted EBITDA between $210 million and $219 million.
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