United Natural Foods, Inc. (NASDAQ: UNFI)
United Natural Foods, Inc. (UNFI), a natural organic specialty foods company yesterday reported their fiscal third quarter 2016 financial results. United reported third quarter earnings of $0.76 per share which beat analyst expectations of $0.66 per share. United reported third quarter revenues increased 0.8% year over year to $2.13 billion which fell short of analyst expectations of $2.16 billion. United reported projected full year 2016 earnings to be in between $2.47 and $2.53 per share which beat analyst projections of $2.38 per share. United reported projected full year revenues to be in between 8.46 and 8.50 billion which beat analyst expectations of 8.41 billion.
United Natural Foods, Inc. CEO’s Comments
“We are pleased with our solid sequential quarterly improvement in net income,” said Steven Spinner, President and CEO. “Over the last several months our team has worked to significantly expand UNFI’s fresh produce, specialty products and service offerings with the acquisitions of Nor-Cal, Global Organic and Haddon House Food Products. We welcome and look forward to working with the new team members joining the UNFI family. Going forward, we believe these efforts will help support our future growth as we continue to build distribution with new customers and expand relationships with existing customers.” Business Wire
UNFI Technical Analysis
UNFI opened trading yesterday at $38.80 which was up from the previous days trading of $38.61. UNFI closed trading yesterday at $38.83 and spiked up after market to $43.77, equivalent to a 13% increase from the closing price. Taking a look at the daily chart we can see that the last time UNFI traded above this price level was on December 7th when it traded at $44.03. Taking a closer look at the daily chart we can see that UNFI has been on an overall upward trend dating back to May 23rd when it traded at $34.03. UNFI has a float of 49 million shares and traded over 1.5 times the normal daily trading volume on Monday. For trading purposes, I would like to see UNFI open trading on Tuesday above $42 and if it does I would be looking to take a long position at the bell. My stop loss would be $0.25 from my entry position fearing anything more than that and the stock would start to fill in the gap up.
United Natural Foods, Inc., together with its subsidiaries, distributes and retails natural, organic, and specialty foods and non-food products in the United States and Canada. The company offers grocery and general merchandise, produce, perishables and frozen foods, nutritional supplements and sports nutrition, bulk and foodservice products, and personal care products. It is also involved in importing, roasting, packaging, and distribution of nuts, dried fruit, seeds, trail mixes, granola, natural and organic snack items, and confections. In addition, the company offers Blue Marble Brands products on wholesale basis through third-party distributors in organic, natural, and specialty food brands, as well as directly to retailers. Further, it provides Field Day brand products primarily to customers in its independent natural products retailer channel. The company serves independently owned natural products retailers, supernatural chains, conventional supermarkets, and mass market chains, as well as foodservice and international customers outside Canada. It operates 13 natural products retail stores primarily in Florida. The company was founded in 1976 and is headquartered in Providence, Rhode Island. Yahoo Finance