Performance Food Group Co. · Q1 2022 earnings

Briefing

PFG's first quarter fiscal 2022 results were reported, showing double-digit growth in net sales and gross profit driven by the Core-Mark acquisition.

Performance Food Group Company reported a strong start to fiscal 2022, with record sales and significant growth in net sales and gross profit. The acquisition of Core-Mark contributed significantly to the company's performance, and the integration is ahead of schedule. Independent restaurant business maintained strong momentum and Vistar experienced consistent sequential improvement.

• Total case volume grew approximately 27%.
• Net sales increased 47.4% to $10.4 billion.
• Gross profit improved 40.1% to $1.1 billion.
• Adjusted Diluted EPS increased 72.0% to $0.43.

Headline financials

Revenue & EPS history

For the fiscal second quarter of 2022, PFG 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 the full fiscal year 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. This outlook includes the impact of 10 months of Core-Mark’s business results.