NYSE$PFGC
Performance Food Group Co. · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
PFG's first quarter of fiscal year 2023 experienced substantial growth. The company reported strong net sales and profit growth across all business segments, along with solid cash flow generation.
Performance Food Group Company reported a strong first quarter in fiscal 2023, with results exceeding prior expectations. All operating segments contributed to high-quality top-line performance and margin expansion. The company is confidently raising its sales and Adjusted EBITDA outlook for the second quarter and the full fiscal year.
- Total case volume grew 16%.
- Net sales increased 42% to $14.7 billion.
- Gross profit improved 38% to $1.6 billion.
- Adjusted Diluted EPS increased 151% to $1.08.
Headline financials
Revenue & EPS history
PFG · Revenue · Quarterly
$14.7B
Revenue by segment
PFG · $13.6B total across 2 segments · Q1 2023
- Foodservice$7.33B+15.2%53.8%
- Convenience$6.29B—46.2%
Forward guidance
PFG provided guidance for the fiscal second quarter and full year 2023. The company expects net sales to be in the range of $13.6 billion to $13.9 billion for the second quarter and $57 billion to $59 billion for the full year. Adjusted EBITDA is expected to be in the range of $260 million to $280 million for the second quarter and $1.23 billion to $1.33 billion for the full year.
Tailwinds
- Net sales to be in a range of $13.6 billion to $13.9 billion for the fiscal second quarter of 2023.
- Adjusted EBITDA to be in a range of $260 million to $280 million for the fiscal second quarter of 2023.
- Net sales to be in a range of $57 billion to $59 billion for the full fiscal year 2023.
- Adjusted EBITDA to be in a range of $1.23 billion to $1.33 billion for the full fiscal year of 2023.
- Company continues to expect to achieve annual net sales of $62 to $64 billion and Adjusted EBITDA between $1.5 and $1.7 billion in fiscal 2025.
Headwinds
- Economic factors, including inflation, negatively affecting consumer confidence and discretionary spending.
- Costs and risks associated with a potential cybersecurity incident or other technology disruption.
- Reliance on technology and risks associated with disruption or delay in implementation of new technology.
- Intense competition in the industry.
- The effects of health epidemics, including the ongoing impact of the COVID-19 pandemic.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2023
+0.4%
Avg return
Earnings day
+2.2%
Avg return
5 days after
+1.5%
Avg return
30 days after
48%
22 / 46 earnings
Positive
+16.8%
Q2 2022
Best reaction
-15.0%
Q2 2026
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q3 2026 | +6.1% | +8.0% | +11.5% | |
| Q2 2026 | -15.0% | -5.4% | -9.9% | |
| Q1 2026 | -1.3% | +0.9% | -5.3% | |
| Q4 2025 | +2.8% | +0.4% | +7.6% | |
| Q3 2025 | +2.4% | +7.9% | +8.9% | |
| Q2 2025 | -2.6% | -5.5% | -14.0% | |
| Q3 2024 | +2.5% | +0.6% | +0.3% | |
| Q2 2024 | -1.0% | +0.5% | +4.1% | |
| Q1 2024 | -0.6% | +0.9% | +8.2% | |
| Q4 2023 | +9.2% | +8.3% | +5.2% | |
| Q3 2023 | -2.6% | -3.5% | -10.5% | |
| Q2 2023 | -4.7% | -2.7% | -11.6% | |
| Q1 2023 | +8.5% | +11.8% | +15.1% | |
| Q4 2022 | -2.0% | -5.8% | -8.9% | |
| Q3 2022 | -9.5% | -6.9% | -13.9% | |
| Q2 2022 | +16.8% | +13.9% | +4.5% | |
| Q1 2022 | +3.4% | +1.0% | -1.4% | |
| Q4 2021 | -3.7% | +2.9% | +1.1% | |
| Q3 2021 | -3.7% | -3.6% | -11.9% | |
| Q2 2021 | +5.0% | +6.5% | +10.8% | |
| Q1 2021 | +0.4% | +24.3% | +29.1% | |
| Q4 2020 | -1.6% | -2.3% | +7.3% | |
| Q3 2020 | -9.7% | -10.1% | +6.9% | |
| Q2 2020 | +0.0% | +3.3% | -25.5% | |
| Q1 2020 | +6.0% | +3.5% | +9.4% | |
| Q4 2019 | +3.3% | +5.8% | +6.4% | |
| Q3 2019 | -4.7% | -5.4% | -2.8% | |
| Q2 2019 | +8.0% | +9.2% | +7.4% | |
| Q1 2019 | +9.2% | +9.0% | +14.2% | |
| Q4 2018 | -10.4% | -10.4% | -13.9% | |
| Q3 2018 | +7.5% | +6.3% | +8.4% | |
| Q2 2018 | -3.8% | -3.0% | +0.9% | |
| Q1 2018 | +4.1% | +3.5% | +17.4% | |
| Q4 2017 | +2.3% | +4.2% | +9.6% | |
| Q3 2017 | +11.0% | +9.4% | +10.6% | |
| Q2 2017 | +5.7% | +7.1% | +6.6% | |
| Q1 2017 | -2.9% | +0.4% | -5.9% | |
| Q4 2014 | -4.1% | -1.3% | -9.5% | |
| Q4 2016 | -2.8% | +2.3% | -9.3% | |
| Q3 2015 | +6.1% | — | — | |
| Q3 2016 | +6.1% | — | — | |
| Q2 2016 | -2.0% | — | — | |
| Q2 2015 | -2.0% | — | — | |
| Q1 2016 | -6.4% | — | — | |
| Q1 2015 | -6.4% | — | — | |
| Q4 2015 | -6.4% | — | — | |
| Q3 2014 | — | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro