NYSE$PFGC
Performance Food Group Co. · Q3 2022 earnings
Q3 2022 earnings · · Investor relations
Briefing
PFG's third quarter reflected strong underlying net sales and profit growth, driven by the Core-Mark acquisition and double-digit growth in organic independent cases.
Performance Food Group Company reported strong third-quarter fiscal 2022 results, with net sales increasing by 82% to $13.1 billion and net income increasing by 408% to $23.4 million. The company's performance was fueled by the Core-Mark acquisition and double-digit growth in organic independent cases. PFG is raising its full year financial guidance and believes it now has a path to $1 billion of Adjusted EBITDA in the current fiscal year.
- Total case volume grew 35%, including a 13.7% increase in organic independent cases.
- Net sales increased 82% to $13.1 billion, with the Core-Mark acquisition contributing $4.1 billion.
- Gross profit improved 62% to $1.3 billion, driven by the Core-Mark acquisition and growth in the independent channel.
- Net income increased 408% to $23.4 million, and Adjusted EBITDA increased 96% to $237.9 million.
Headline financials
Revenue & EPS history
PFG · Revenue · Quarterly
$13.1B
Revenue by segment
PFG · $12.2B total across 2 segments · Q3 2022
- Foodservice$6.6B+27.3%54.2%
- Convenience$5.57B—45.8%
Forward guidance
For the full fiscal year 2022, PFG now expects net sales to be in a range of $50.5 billion to $51 billion and Adjusted EBITDA to be in a range of $990 million to $1 billion.
Tailwinds
- Net sales expected to be in the range of $50.5 billion to $51 billion.
- Adjusted EBITDA expected to be in the range of $990 million to $1 billion.
- Outlook includes the impact of 10 months of Core-Mark’s business results.
- Increased full year financial guidance.
- Believes they have a path to $1 billion of Adjusted EBITDA in the current fiscal year.
Headwinds
- 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, which could be significant, are difficult to predict and may be highly variable.
- The material adverse impact the COVID-19 pandemic has had and is expected to continue to have on the global markets, the restaurant industry, and our business specifically, including the effects on vehicle miles driven, on the financial health of our business partners, on supply chains, and on financial and capital markets.
- Competition in our industry is intense, and we may not be able to compete successfully.
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 Q3 2022
+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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