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Sep 26, 2020
PFG Q1 2021 Earnings Report
PFG's first quarter results for fiscal year 2021 reflected double-digit growth in net sales and gross profit, driven by the Reinhart acquisition and market share gains in the Foodservice segment.
Key Takeaways
Performance Food Group Company reported a 12.9% increase in net sales to $7.0 billion, driven by the acquisition of Reinhart. Gross profit improved by 14.6% to $815.5 million. However, the company experienced a net loss of $0.7 million, and adjusted diluted EPS declined by 56.1% to $0.25.
Total case volume grew by 8.9%.
Net sales increased by 12.9% to $7.0 billion.
Gross profit improved by 14.6% to $815.5 million.
Adjusted EBITDA increased 5.9% to $135.2 million.
PFG
PFG
PFG Revenue by Segment
Revenue by Segment
Foodservice Revenue
CapyFin.com Forward Guidance
This press release contains forward-looking statements regarding the company's expectations for business performance, financial results, liquidity, capital resources, and the integration of the Reinhart acquisition.
Positive Outlook
- Statements related to expectations regarding the performance of our business
- Statements related to our financial results
- Statements related to our liquidity and capital resources
- Statements related to integration of our acquisition of Reinhart
- Other non-historical statements.
Challenges Ahead
- The impact of the COVID-19 pandemic on the global markets, the restaurant industry, and our business specifically has had and is expected to continue to have a material adverse effect on our results of operations
- Competition in our industry is intense, and we may not be able to compete successfully
- We operate in a low margin industry, which could increase the volatility of our results of operations
- We may not realize anticipated benefits from our operating cost reduction and productivity improvement efforts
- Our profitability is directly affected by cost inflation and deflation and other factors