Performance Food Group Q1 Profit Tops Estimates

(RTTNews) - Performance Food Group Company (PFGC) said it delivered double-digit net sales and gross profit growth for the first quarter, driven by the Core-Mark acquisition. The Core-Mark acquisition contributed gross profit of $89.1 million since the acquisition date, the company noted.

First-quarter adjusted profit per share was $0.43 compared to $0.25, prior year. On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $0.42, for the quarter. Analysts' estimates typically exclude special items. Adjusted EBITDA rose 35.9% to $183.7 million.

Net profit was $4.7 million or $0.03 per share compared to a loss of $0.7 million or $0.01 per share, last year. Sales increased 47.4% to $10.4 billion. Analysts on average had estimated $10.12 billion in revenue. Total case volume increased approximately 27%. Excluding the impact of the Core-Mark acquisition, organic case volume increased 17.8%. The Core-Mark acquisition contributed $1.57 billion of net sales since the acquisition date of September 1, 2021. For the second quarter, the company expects net sales to be in a range of $12.7 billion to $12.9 billion and adjusted EBITDA to be in a range of $210 million to $225 million.

For fiscal 2022, PFG expects net sales to be in a range of $49.5 billion to $50.5 billion and adjusted EBITDA to be in a range of $940 million to $960 million.