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Mar 28, 2020
PFG Q3 2020 Earnings Report
PFG's Q3 2020 earnings were impacted by COVID-19, but acquisitions drove sales growth.
Key Takeaways
Performance Food Group Company reported a net loss of $40.2 million, but net sales increased by 49.3% to $7.0 billion due to the acquisitions of Eby-Brown and Reinhart. Adjusted Diluted EPS increased 38.1% to $0.58. The COVID-19 pandemic has presented unique challenges, but the company has taken actions to support customers and communities.
Total case volume grew 26.4%, driven by acquisitions.
Net sales increased 49.3% to $7.0 billion.
Gross profit improved 33.5% to $807.5 million.
Adjusted Diluted Earnings Per Share (“EPS”) increased 38.1% to $0.58
Revenue by Segment
Forward Guidance
PFG expects the following for fiscal 2020:
Positive Outlook
- Interest expense in a range of approximately $115 million to $120 million
- An effective tax rate on operations of approximately 30%
- Capital expenditures between $150 million and $180 million
- Depreciation in a range of $160 million to $170 million
- Amortization in a range of $90 million and $100 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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