NYSE$PFGC
Performance Food Group Co. · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
PFG's financial performance improved in Q2 2023, marked by substantial growth in net sales, gross profit, and adjusted EBITDA.
Performance Food Group Company (PFG) reported strong second-quarter fiscal 2023 results, with net sales increasing by 8% to $13.9 billion and adjusted EBITDA rising by 28% to $308.8 million. The company also raised the bottom end of its fiscal 2023 adjusted EBITDA outlook.
- Total case volume grew by 3%, driven by a 6.6% increase in independent case growth.
- Net sales increased by 8% to $13.9 billion, primarily due to an increase in selling price per case as a result of inflation and channel mix.
- Gross profit improved by 17% to $1.5 billion, attributed to an increase in gross profit per case driven by a favorable shift in the mix of cases sold and growth in the independent channel.
- Adjusted diluted EPS increased by 46% to $0.83.
Headline financials
Revenue & EPS history
PFG · Revenue · Quarterly
$13.9B
Revenue by segment
PFG · $12.8B total across 2 segments · Q2 2023
- Foodservice$6.9B+11.0%54.0%
- Convenience$5.86B+2.7%46.0%
Forward guidance
PFG expects net sales to be in a range of $13.7 billion to $14.0 billion and Adjusted EBITDA to be in a range of $270 million to $290 million for the third quarter of fiscal 2023. For the full fiscal year 2023, PFG continues to expect net sales to be in a range of $57 billion to $59 billion and now expects Adjusted EBITDA to be in a range of $1.27 billion to $1.35 billion.
Tailwinds
- Net sales are expected to be between $13.7 billion and $14.0 billion for Q3 2023.
- Adjusted EBITDA is projected to be between $270 million and $290 million for Q3 2023.
- Full-year net sales are still expected to be between $57 billion and $59 billion for fiscal year 2023.
- Adjusted EBITDA is now expected to be between $1.27 billion and $1.35 billion for fiscal year 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
- The Adjusted EBITDA outlook excludes the impact of certain income and expense items that management believes are not part of underlying operations.
- These items may include loss on early extinguishment of debt, restructuring charges, certain tax items, and charges associated with non-recurring professional and legal fees associated with acquisitions.
- PFG's management cannot estimate on a forward-looking basis the impact of these income and expense items on its reported net income.
- The impact of these items could be significant, are difficult to predict, and may be highly variable.
- PFG does not provide a reconciliation to the closest corresponding GAAP financial measure for its Adjusted EBITDA outlook.
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 Q2 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 | — | — | — |
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