Performance Food Group Q4 Profit Tops Estimates

(RTTNews) - Performance Food Group Company (PFGC) reported that its fourth quarter adjusted EPS increased 91.1% to $1.07 from the prior year period. On average, 12 analysts polled by Thomson Reuters expected the company to report profit per share of $1.04, for the quarter. Analysts' estimates typically exclude special items. Adjusted EBITDA rose 69.3% to $357.1 million.

Net income for the fourth quarter increased 142.0% year-over-year to $76.0 million. EPS increased 113.0% to $0.49.

Net sales grew 56.8% to $14.59 billion from last year. The company said the increase in net sales was primarily attributable to the acquisition of Core-Mark and an increase in selling price per case as a result of inflation. The acquisition of Core-Mark contributed $4.6 billion of net sales for the fourth quarter of fiscal 2022. Analysts on average had estimated $14.56 billion in revenue.

Total case volume increased 16.7% for the fourth quarter. Excluding the impact of the 53rd week in fiscal 2021, total organic independent case volume increased 4.7% in the fourth quarter of fiscal 2022. For the first quarter, PFG expects net sales to be in a range of $14.2 billion to $14.5 billion and adjusted EBITDA to be in a range of $280 million to $300 million.

For the second quarter, PFG expects net sales to be in a range of $13.5 billion to $13.8 billion and adjusted EBITDA to be in a range of $245 million to $265 million.

For fiscal 2023, PFG expects net sales to be in a range of $56 billion to $58 billion and adjusted EBITDA to be in a range of $1.15 billion to $1.25 billion.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.