US Foods Holding Corp. /zigman2/quotes/202988961/composite USFD +0.75% said Thursday it lost 7 cents a share while sales rose 24% to $7.8 billion in the first quarter, as the company provided preliminary results. The food service company's adjusted earnings totaled 36 cents a share. US Foods is expected to report earnings of 22 cents a share and revenue of $7.48 billion. The company described the preliminary results as strong. "We continued to accelerate profitable market share growth, gross margin expansion and cost reduction to deliver one of our strongest quarters since the pandemic began, despite continuing to endure COVID-19 impacts and industry-wide supply chain challenges," CEO Pietro Satriano said. The company will announce full results for the first quarter on May 12. US Foods continues to expect the same fiscal year 2022 results it provided on Feb. 7. US Foods shares are up 8% so far in 2022, compared to a loss of 6.4% by the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.16% .
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