Performance Food Group Co Stock Price, News & Analysis

Performance Food Group Company (PFGC) has announced a $25,000 donation to World Central Kitchen, following an earlier $50,000 contribution this year. This support aims to aid communities affected by recent hurricanes. PFGC's leadership, including CEO George Holm, emphasizes the importance of food in strengthening communities during crises. Additionally, the company is matching $25,000 in employee donations to the American Red Cross.

Performance Food Group Company (PFGC) has appointed Laura Flanagan as an independent director to its Board of Directors, expanding it to 12 members. Flanagan brings extensive experience from her leadership roles in the food industry, including CEO of Ripple Foods and former CEO of Foster Farms. This strategic appointment comes concurrent with PFG’s acquisition of Core-Mark, effective today, a company Flanagan has been associated with since 2016. PFG aims to leverage Flanagan's expertise to enhance its strategic initiatives.

Performance Food Group Company (PFGC) has finalized its acquisition of Core-Mark Holding Company, creating a leading convenience distribution entity within its Vistar segment. This merger enhances PFG's geographic reach and market diversification, adding approximately $17 billion in net sales and 41,000 customer locations. The new structure will maintain separate operations under Core-Mark and Eby-Brown, enhancing PFG's foodservice capabilities. The integration is expected to yield $40 million in cost synergies by year three, boosting earnings per share in the first fiscal year post-acquisition.

Performance Food Group Company (PFGC) reported robust financial results for Q4 and fiscal 2021. Q4 net sales surged 61.1% to $9.3 billion, with total case volume up 55.8%. Gross profit rose 66.8% to $1.1 billion, positively influenced by improving economic conditions. Fiscal 2021 net sales reached $30.4 billion, a 21.2% increase, primarily driven by the Reinhart acquisition. PFGC's net income improved significantly to $31.4 million from a loss of $151.2 million year-over-year. The company plans to acquire Core-Mark, which is expected to enhance market reach and drive future growth.

Performance Food Group Company (PFGC) will hold a live audio webcast on August 19 at 9 a.m. ET to discuss its fourth-quarter and full-year fiscal 2021 financial results. The news release will be issued at 7 a.m. ET on the same day. PFGC's Chairman & CEO George Holm and CFO Jim Hope will present the results and answer media questions. The webcast will be available in listen-only mode on investors.pfgc.com and archived later the same day.

Performance Food Group Company (NYSE: PFGC) announced an upsized offering of $1.0 billion in 4.250% Senior Notes due 2029, increasing from $780 million. The offering's proceeds will help finance the acquisition of Core-Mark Holding Company, redeem existing senior notes, and cover related expenses. The notes will be guaranteed by the Issuer and its subsidiaries. Notably, if the acquisition does not proceed, the notes must be redeemed at face value plus interest. This press release serves as a disclaimer and does not constitute an offer to sell securities.

Performance Food Group Company (PFGC) announced plans to offer $780 million in Senior Notes due 2029. The proceeds will fund the cash consideration for the acquisition of Core-Mark Holding Company and related expenses. The notes will be guaranteed by the issuer and its material subsidiaries. If the acquisition does not close, the issuer must redeem the notes at the issue price plus interest. The offering is limited to qualified institutional buyers and non-U.S. persons. This press release is not an offer to sell securities and contains forward-looking statements subject to various risks.

Performance Food Group Company (PFGC) has announced a collaborative community solar project with EDPR NA Distributed Generation in New Vineyard, Maine. This 2.25 megawatt project, set to generate 3,000 megawatt-hours of renewable energy annually, aims to enhance PFG's energy efficiency and reduce its carbon footprint. The initiative is expected to save 365 metric tons of emissions each year and facilitate PFG's goal of procuring 10% of its energy from renewable sources by 2030. The project signifies PFG's commitment to corporate responsibility and sustainable energy practices.

Performance Food Group Company (PFGC) executives participated in the 2021 Jefferies Virtual Consumer Conference. For Q4 2021, PFGC raised its net sales forecast to at least $8.8 billion, up from $8.2 billion, and adjusted EBITDA expectations to at least $190 million, increased from $185 million. This outlook includes a 53rd week in the fiscal period. Management noted the adjusted EBITDA figures exclude variable income and expenses, emphasizing potential risks and uncertainties impacting future financial performance.