Performance Food Group Q2 Profit Tops Estimates; Net Sales Up 87.6%

(RTTNews) - Performance Food Group Company (PFGC) reported that its second quarter adjusted earnings per share increased to $0.57 from $0.35, prior year. On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $0.50, for the quarter. Analysts' estimates typically exclude special items. Adjusted EBITDA rose 52.6% to $241.1 million.

Net income declined 52.3% year-over-year to $8.4 million. Earnings per share was $0.05 compared to $0.13.

Net sales grew 87.6% to $12.84 billion. The company said the increase in net sales was primarily attributable to the acquisition of Core-Mark, an increase in selling price per case as a result of inflation, and the declining adverse effects of the pandemic. Analysts on average had estimated $12.83 billion in revenue. The acquisition of Core-Mark contributed $4.2 billion of net sales for the quarter.

Total case volume increased 40.0% for the second quarter of fiscal 2022. Excluding the impact of the Core-Mark acquisition, organic case volume increased 15.5%.

For the third quarter, PFG expects net sales to be in a range of $12.9 billion to $13.1 billion, and adjusted EBITDA to be in a range of $220 million to $230 million.

For fiscal 2022, PFG now expects net sales to be in a range of $50 billion to $51 billion and adjusted EBITDA to be in a range of $970 million to $990 million. The company had previously expected 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.

Shares of Performance Food Group Company were up 8% in pre-market trade on Wednesday.