PFG Q3 2023 Earnings Report
Key Takeaways
Performance Food Group Company reported a 5.3% increase in net sales to $13.8 billion and a 32.3% increase in Adjusted EBITDA to $314.7 million for the third quarter of fiscal year 2023. The company also raised and tightened its fiscal 2023 Adjusted EBITDA outlook range.
Total case volume grew 3% in the third quarter.
Net sales increased 5% to $13.8 billion.
Gross profit improved 12% to $1.5 billion.
Adjusted EBITDA increased 32% to $314.7 million.
PFG
PFG
PFG Revenue by Segment
Forward Guidance
PFG expects net sales to be in the range of $57 billion to $57.5 billion and Adjusted EBITDA to be in the range of $1.34 billion to $1.36 billion for the full fiscal year 2023. 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.
Positive Outlook
- Net sales expected between $57B and $57.5B.
- Adjusted EBITDA expected between $1.34B and $1.36B.
- Reiterated net sales target of $62B-$64B in fiscal 2025.
- Reiterated Adjusted EBITDA target of $1.5B-$1.7B in fiscal 2025.
- Solid execution
Challenges Ahead
- Excludes the impact of certain income and expense items that management believes are not part of underlying operations.
- Cannot estimate the impact of these income and expense items on its reported net income.
- Difficult to predict impact of these income and expense items.
- Impact of these income and expense items may be highly variable.
- Outlook is subject to risks
Revenue & Expenses
Visualization of income flow from segment revenue to net income