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Oct 01, 2022
PFG Q1 2023 Earnings Report
PFG's first quarter of fiscal year 2023 experienced substantial growth. The company reported strong net sales and profit growth across all business segments, along with solid cash flow generation.
Key Takeaways
Performance Food Group Company reported a strong first quarter in fiscal 2023, with results exceeding prior expectations. All operating segments contributed to high-quality top-line performance and margin expansion. The company is confidently raising its sales and Adjusted EBITDA outlook for the second quarter and the full fiscal year.
Total case volume grew 16%.
Net sales increased 42% to $14.7 billion.
Gross profit improved 38% to $1.6 billion.
Adjusted Diluted EPS increased 151% to $1.08.
PFG
PFG
PFG Revenue by Segment
Revenue by Segment
Foodservice Revenue
CapyFin.comConvenience Revenue
CapyFin.com Forward Guidance
PFG provided guidance for the fiscal second quarter and full year 2023. The company expects net sales to be in the range of $13.6 billion to $13.9 billion for the second quarter and $57 billion to $59 billion for the full year. Adjusted EBITDA is expected to be in the range of $260 million to $280 million for the second quarter and $1.23 billion to $1.33 billion for the full year.
Positive Outlook
- Net sales to be in a range of $13.6 billion to $13.9 billion for the fiscal second quarter of 2023.
- Adjusted EBITDA to be in a range of $260 million to $280 million for the fiscal second quarter of 2023.
- Net sales to be in a range of $57 billion to $59 billion for the full fiscal year 2023.
- Adjusted EBITDA to be in a range of $1.23 billion to $1.33 billion for the full fiscal year of 2023.
- Company continues to expect to achieve annual net sales of $62 to $64 billion and Adjusted EBITDA between $1.5 and $1.7 billion in fiscal 2025.
Challenges Ahead
- Economic factors, including inflation, negatively affecting consumer confidence and discretionary spending.
- Costs and risks associated with a potential cybersecurity incident or other technology disruption.
- Reliance on technology and risks associated with disruption or delay in implementation of new technology.
- Intense competition in the industry.
- The effects of health epidemics, including the ongoing impact of the COVID-19 pandemic.
Revenue & Expenses
Visualization of income flow from segment revenue to net income