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Jan 01, 2022
PFG Q2 2022 Earnings Report
PFG's financial performance was marked by substantial revenue growth and strategic integration of Core-Mark, though net income faced a decline.
Key Takeaways
Performance Food Group Company reported strong second-quarter fiscal 2022 results, marked by double-digit net sales and gross profit growth, primarily driven by the Core-Mark acquisition and strong underlying business performance. The company has increased its full-year outlook due to this performance.
Net sales increased by 87.6% to $12.8 billion, driven by the Core-Mark acquisition and inflation.
Gross profit improved by 57.7% to $1.3 billion, led by the Core-Mark acquisition and growth in the independent channel.
Adjusted EBITDA increased by 52.6% to $241.1 million.
The company has raised its full-year fiscal 2022 outlook for net sales to $50 billion - $51 billion and Adjusted EBITDA to $970 million - $990 million.
Revenue by Segment
Forward Guidance
PFG expects net sales to be in a range of $12.9 billion to $13.1 billion and Adjusted EBITDA to be in a range of $220 million to $230 million for the fiscal third quarter of 2022. For the full fiscal year 2022, PFG now expects net sales to be in a range of $50 billion to $51 billion and Adjusted EBITDA to be in a range of $970 million to $990 million.
Positive Outlook
- Net sales are expected to be in the range of $12.9 billion to $13.1 billion for the fiscal third quarter of 2022.
- Adjusted EBITDA is expected to be in the range of $220 million to $230 million for the fiscal third quarter of 2022.
- Net sales are now expected to be in the range of $50 billion to $51 billion for the full fiscal year 2022.
- Adjusted EBITDA is now expected to be in the range of $970 million to $990 million for the full fiscal year 2022.
- The outlook includes the impact of 10 months of Core-Mark’s business results.
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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