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Sep 30, 2023
PFG Q1 2024 Earnings Report
PFG reported strong first-quarter fiscal 2024 results, driven by independent case growth and solid profit performance. Adjusted EBITDA exceeded the previously announced guidance range.
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.
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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