PFG Q2 2024 Earnings Report
Key Takeaways
Performance Food Group Company reported strong second-quarter fiscal 2024 results, with net sales increasing by 2.9% to $14.3 billion and net income increasing by 10.1% to $78.3 million. The company benefited from organic independent case growth and solid execution across business segments, leading to margin expansion and strong cash flow generation. PFG reiterated its fiscal 2024 outlook.
Total case volume grew by 2.1%.
Net sales increased by 2.9% to $14.3 billion.
Gross profit improved by 6.6% to $1.6 billion.
Adjusted EBITDA increased by 11.9% to $345.4 million.
PFG
PFG
PFG Revenue by Segment
Forward Guidance
PFG expects net sales to be in a range of $14.0 billion to $14.3 billion and Adjusted EBITDA to be in a range of $310 million to $330 million for the third quarter of fiscal 2024. For the full fiscal year 2024, PFG continues to expect net sales to be in a range of $59 billion to $60 billion and Adjusted EBITDA to be at the upper end of the previously announced $1.45 billion to $1.5 billion range. PFG reiterates its 3-year Net Sales and Adjusted EBITDA targets.
Positive Outlook
- Net sales are expected to be in the range of $14.0 billion to $14.3 billion for Q3 2024.
- Adjusted EBITDA is expected to be in the range of $310 million to $330 million for Q3 2024.
- Net sales are expected to be in the range of $59 billion to $60 billion for fiscal year 2024.
- Adjusted EBITDA is expected to be at the upper end of the previously announced $1.45 billion to $1.5 billion range for fiscal year 2024.
- The 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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income