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United Natural beats Street 1Q forecasts

PROVIDENCE, R.I. (AP) _ United Natural Foods Inc. (UNFI) on Thursday reported fiscal first-quarter net income of $30.5 million.

On a per-share basis, the Providence, Rhode Island-based company said it had profit of 60 cents. Earnings, adjusted for pretax expenses, were 62 cents per share.

The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 60 cents per share.

The organic and specialty foods distributor posted revenue of $2.46 billion in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $2.39 billion.

United Natural expects full-year earnings to be $2.72 to $2.80 per share, with revenue in the range of $9.84 billion to $10 billion.

United Natural shares have climbed almost 4 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $49.54, an increase of almost 1 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on UNFI at https://www.zacks.com/ap/UNFI