PFG Q1 2024 Earnings Report
Key Takeaways
Performance Food Group Company (PFG) announced strong first-quarter fiscal 2024 results, with net sales increasing by 1.5% to $14.9 billion and net income increasing by 26.1% to $120.7 million. Adjusted EBITDA rose by 8.2% to $383.8 million, and adjusted diluted EPS increased by 6.5% to $1.15.
Total case volume grew 2.6%, driven by a 7.6% increase in organic independent cases.
Net sales increased 1.5% to $14.9 billion, primarily due to an increase in cases sold.
Gross profit improved 5.6% to $1.7 billion, attributable to cost of goods sold optimization and growth in cases sold.
Net income increased 26.1% to $120.7 million, primarily due to a $25.0 million increase in operating profit.
PFG
PFG
PFG Revenue by Segment
Forward Guidance
For the fiscal second quarter of 2024, PFG expects net sales to be in a range of $14 billion to $14.3 billion and Adjusted EBITDA to be in a range of $325 million to $345 million. For the full fiscal year 2024, PFG continues to expect net sales to be in a range of $59 billion to $60 billion. For the full fiscal year of 2024, PFG now expects Adjusted EBITDA to be at the upper end of the previously announced $1.45 billion to $1.5 billion range.
Positive Outlook
- PFG expects net sales to be in a range of $14 billion to $14.3 billion for the fiscal second quarter of 2024
- PFG expects Adjusted EBITDA to be in a range of $325 million to $345 million for the fiscal second quarter of 2024
- PFG continues to expect net sales to be in a range of $59 billion to $60 billion for the full fiscal year 2024
- PFG now expects Adjusted EBITDA to be at the upper end of the previously announced $1.45 billion to $1.5 billion range for the full fiscal year of 2024
- PFG reiterates its 3-year Net Sales and Adjusted EBITDA targets.
Revenue & Expenses
Visualization of income flow from segment revenue to net income