Performance Food Group Boosts Q2, FY23 Net Sales Outlook As Q1 Results Top Estimates

(RTTNews) - Performance Food Group Co. (PFGC) reported Wednesday that net income for the first quarter soared to $95.7 million or $0.62 per from $4.70 million or $0.03 per share in the prior-year quarter.

Excluding items, adjusted earnings were $1.08 per share, compared to $0.43 per share in the year-ago quarter.

Net sales for the quarter increased 41.7 percent to $14.72 billion from $10.39 billion in the same quarter last year. Total case volume grew 16.3 percent and total organic case volume was flat.

On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of $0.80 per share on revenue of $14.42 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to the second quarter, PFG expects net sales in a range of $13.6 billion to $13.9 billion, up from the prior forecast range of $13.5 billion to $13.8 billion. Analysts expect net sales of $13.74 billion for the quarter.

For fiscal 2023, PFG now projects net sales in a range of $57 billion to $59 billion, up from the prior guidance range of $56 billion to $58 billion. The Street is looking for net sales of $57.40 billion for the year.

Meanwhile, the company continues to expect to achieve annual net sales of $62 to $64 billion in fiscal 2025.

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