Performance Food Group Slips To Loss In Q4; Sales Top Estimates - Quick Facts

(RTTNews) - Performance Food Group Co. (PFGC) reported Wednesday a net loss for the fourth quarter of $151.2 million or $1.19 per share, compared to net income of $63.2 million or $0.60 per share in the prior-year quarter.

Excluding items, adjusted loss for the quarter was $0.86 per share, compared to adjusted earnings of $0.77 in the year-ago quarter.

The loss was attributable to the $326.1 million decrease in operating profit and a $20.7 million increase in interest expense, partially offset by a $130.9 million decrease in income tax expense.

Net sales for the quarter decreased 2.1 percent to $5.77 billion from $5.90 billion in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report a loss of $0.25 per share on net sales of $5.43 billion for the quarter. Analysts' estimates typically exclude special items.

The decline in net sales was primarily attributable to the effects of the novel coronavirus (COVID-19) pandemic, partially offset by the recent acquisitions of Eby-Brown and Reinhart.

Total case volume declined 11.5 percent for the fourth quarter, with an underlying organic decline of 34.2 percent.

Looking ahead, the company said it will not be providing fiscal 2021 financial guidance at this time, due to the continued macroeconomic environment uncertainty relating to the COVID-19 pandemic.

In mid-March, the company decided to withdraw its full year 2020 outlook as the macroeconomic environment has deteriorated amidst the ongoing COVID-19 pandemic.