Performance Food Group Q4 Result Tops Estimates

Performance Food Group Co PFGC reported fourth-quarter FY21 sales growth of 61.1% year-on-year, to $9.30 billion, beating the analyst consensus of $8.34 billion.
Total case volume grew 55.8% Y/Y.
Net sales for Foodservice increased 69.0% to $6.8 billion, Vistar increased 43.4% to $2.5 billion.
Operating expenses rose 13.9% to $985.3 million.
Gross profit increased 66.8% Y/Y to $1.1 billion, with the margin expanding 40 basis points to 11.5%.
The operating margin was 0.9%, and operating income for the quarter was $80.6 million versus $(225.6) million last year.
The company held $22.2 million in cash and equivalents as of July 3, 2021.
Net cash provided by operating activities for the year totaled $64.6 million versus $623.6 million last year.
Adjusted EBITDA was $210.9 million versus $3.8 million last year.
Adjusted EPS of $0.56 beat the analyst consensus of $0.54.
"Although the labor market remains challenging, we posted significant year-over-year increases in our gross profit and adjusted EBITDA," said CEO George Holm.
Price Action: PFGC shares are trading lower by 3.82% at $43.08 on the last check Thursday.

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