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Print FormatWhy Performance Food Group Shares Are Sliding Today
- Performance Food Group Co NYSE:PFGC reported third-quarter FY22 sales growth of 81.6% year-on-year to
$13.08 billion , marginally missing the consensus of$13.09 billion . Total case volume grew 35% Y/Y. - Net sales for Foodservice increased 27.3% to
$6.6 billion , and Vistar increased 51.1% to$892.2 million . - Convenience net sales increased 292.9% to
$5.6 billion , primarily attributable to the acquisition of Core-Mark, which contributed$4.15 billion in net sales. - Operating expenses rose 57.8% to
$1.3 billion . - Gross profit increased 62% Y/Y to
$1.3 billion , with the margin contracting 130 basis points to 10.3%. - The operating margin was 0.5%, and operating income for the quarter rose 193% to
$68.6 million . - The company held
$20.8 million in cash and equivalents as ofApril 2, 2022 . Net cash provided by operating activities for nine months totaled$390.6 million . - Adjusted EBITDA increased 96% Y/Y to
$237.9 million . - Adjusted EPS was
$0.51 , in-line with the Street view. - Outlook: Performance Food sees FY22 sales of
$50.5 billion -$51 billion (consensus$50.67 billion ) versus the prior view of$50 billion -$51 billion . - It sees an adjusted EBITDA of
$990 million -$1 billion against the previous expectation of$970 million -$990 million . - Price Action: PFGC shares are trading lower by 4.63% at
$45.34 on the last check Wednesday.
