Performance Food Group Co. · Q1 2024 earnings

Briefing

PFG reported strong first-quarter fiscal 2024 results, driven by independent case growth and solid profit performance. Adjusted EBITDA exceeded the previously announced guidance range.

Performance Food Group Company (PFG) announced strong first-quarter fiscal 2024 results, with net sales increasing by 1.5% to $14.9 billion and net income increasing by 26.1% to $120.7 million. Adjusted EBITDA rose by 8.2% to $383.8 million, and adjusted diluted EPS increased by 6.5% to $1.15.

• Total case volume grew 2.6%, driven by a 7.6% increase in organic independent cases.
• Net sales increased 1.5% to $14.9 billion, primarily due to an increase in cases sold.
• Gross profit improved 5.6% to $1.7 billion, attributable to cost of goods sold optimization and growth in cases sold.
• Net income increased 26.1% to $120.7 million, primarily due to a $25.0 million increase in operating profit.

Headline financials

Revenue & EPS history

For the fiscal second quarter of 2024, PFG expects net sales to be in a range of $14 billion to $14.3 billion and Adjusted EBITDA to be in a range of $325 million to $345 million. For the full fiscal year 2024, PFG continues to expect net sales to be in a range of $59 billion to $60 billion. For the full fiscal year of 2024, PFG now expects Adjusted EBITDA to be at the upper end of the previously announced $1.45 billion to $1.5 billion range.