- Performance Food Group Co PFGC reported third-quarter FY23 sales growth of 5% year-on-year to $13.77 billion, missing the consensus of $13.90 billion.
- Total case volume grew 3.1% Y/Y. The increase in net sales was primarily attributable to the rise in selling price per case due to inflation, channel mix, and growth in cases sold.
- Net sales for Foodservice increased 5.2% to $6.9 billion, and Vistar increased 24.9% to $1.1 billion.
- Operating expenses rose 5.2% to $1.3 billion. Gross profit increased 12% Y/Y to $1.5 billion, with the margin expanding 70 basis points to 11%.
- The operating margin was 1.2%, and operating income for the quarter was $168.8 million versus $68.6 million last year.
- The company held $15.4 million in cash and equivalents as of April 1, 2023. Net cash provided by operating activities for the nine months totaled $657.2 million versus $390.6 million last year.
- Adjusted EPS of $0.83 beat the analyst consensus of $0.71.
- Outlook: The company cut the top end of its FY23 sales outlook range and sees $57 billion - $57.5 billion (prior $57 billion - $59 billion) versus the $57.93 billion consensus.
- PFGC expects adjusted EBITDA of $1.34 billion - $1.36 billion (prior $1.27 billion - $1.35 billion)
- The company reiterated its previously announced 3-year net sales and Adjusted EBITDA targets. The company continues to expect to achieve annual net sales of $62 billion - $64 billion and Adjusted EBITDA of $1.5 billion - $1.7 billion in fiscal 2025.
- Price Action: PFGC shares are trading lower by 3.77% at $59.38 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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