United Natural Foods (UNFI) Dropped To A New Low After Guidance Slashed
United Natural Foods (UNFI) reduced its second quarter adjusted EPS forecast to between $0.47 and $0.49 this morning. Street expectations are for EPS of $0.62. Full year 2016 adjusted EPS is expected to be between $2.34 and $2.44, which is below the consensus estimate of $2.81.
The company also announced that it has entered into a definitive agreement to acquire all outstanding stock of Haddon House Food Products Inc. and certain affiliated entities as well as certain real estate, for approximately $217.5 million in cash.
United Natural Foods gapped down sharply Monday and drifted lower during the first 2 hours of trade. Shares finished with a loss of 8.39 at $30.86 on the highest volume of the year. The stock dropped to a new low for the year. (dpa)
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