NYSE$PFGC
Performance Food Group Co. · Q4 2021 earnings
Q4 2021 earnings · · Investor relations
Briefing
PFG reported strong sales and independent case volume growth.
Performance Food Group Company reported strong fourth-quarter fiscal 2021 results with a 61.1% increase in net sales to $9.3 billion and a net income of $31.4 million, compared to a net loss of $151.2 million for the prior year period. Adjusted EBITDA increased to $210.9 million and diluted EPS was $0.23 compared to diluted loss per share of $1.19 for the prior year period.
- Total case volume grew 55.8%, or 44.7% after adjusting for the extra week.
- Net sales increased 61.1% to $9.3 billion, or 49.6% after adjusting for the extra week.
- Gross profit increased 66.8% to $1.1 billion, or 54.9% after adjusting for the extra week.
- Adjusted Diluted EPS of $0.56 compared to adjusted diluted loss per share of $0.86 for the prior year period.
Headline financials
Revenue & EPS history
PFG · Revenue · Quarterly
$9.3B
Revenue by segment
PFG · $6.78B total across 1 segment · Q4 2021
- Foodservice$6.78B+69.0%100.0%
Forward guidance
PFG announced it had entered into a definitive agreement to acquire Core-Mark Holding Company, Inc. in a stock and cash transaction valued at $2.5 billion. The transaction is expected to close in late August or early September 2021.
Tailwinds
- Acquisition expands PFG’s geographic reach and market diversification into the growing convenience store channel
- Adds a complementary customer-centric operating model with consistent go-to-market selling cultures focused on customer service
- Enhances attractive customer base and product offerings, building upon the company’s current foodservice focus within the convenience channel
- Expected to be accretive to Adjusted Diluted EPS in the first full fiscal year following closing of the transaction, excluding expected cost synergies
- Expected to generate approximately $40 million of annual net cost synergies, achieved by the third full year following the closing of the transaction
Headwinds
- The risk that, after the closing of the Proposed Core-Mark Acquisition, U.S antitrust authorities could continue to investigate the Proposed Core-Mark Acquisition and challenge the Proposed Core-Mark Acquisition
- The possibility that certain conditions to the consummation of the Proposed Core-Mark Acquisition will not be satisfied or completed on a timely basis and accordingly the Proposed Core-Mark Acquisition may not be consummated on a timely basis or at all
- Uncertainty as to the expected performance of the combined company following completion of the Proposed Core-Mark Acquisition
- The possibility that the expected synergies and value creation from the Proposed Core-Mark Acquisition will not be realized or will not be realized within the expected time period
- The risk that unexpected costs will be incurred in connection with the completion and/or integration of the Proposed Core-Mark Acquisition or that the integration of Core-Mark will be more difficult or time consuming than expected
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 Q4 2021
+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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