Performance Food Group Q3 Profit, Revenue Improve

(RTTNews) - Performance Food Group Company (PFGC) Wednesday reported higher profit in the third quarter, driven primarily by increase in selling price.

Net income for the third quarter increased to $80.3 million or $0.51 per share from $23.4 million or $0.15 per share in the comparable quarter last year.

Excluding one-time items, earnings were $0.83 per share, that beat the average estimate of 11 analysts polled by Thomson-Reuters of $0.71 per share. Analysts' estimates typically exclude special items.

Net sales for the third quarter grew 5.3% year-on-year to $13.771 billion. The consensus estimate was for $13.9 billion. The company said its total organic case volume increased 3.1% for the third quarter.

For the full year, Performance Food Group now sees revenue in the range of $57 billion - $57.5 billion compared with the prior expectation of $57 billion - $59 billion. Analysts expect the company to report revenue of $57.93 billion for the year.