Welcome to our dedicated page for Performance Food Group Co news (Ticker: PFGC), a resource for investors and traders seeking the latest updates and insights on Performance Food Group Co stock.
Performance Food Group Company (PFGC) is a Fortune 100 food and foodservice distributor that is described as an industry leader and one of the largest food and foodservice distribution companies in North America. Founded and headquartered in Richmond, Virginia, the company and its family of businesses market and deliver food and related products to more than 300,000 locations, including independent and chain restaurants; businesses, schools and healthcare facilities; vending and office coffee service distributors; and big box retailers, theaters and convenience stores.
The PFGC news feed highlights developments that matter to investors and market watchers. Recent company announcements have focused on leadership succession, with PFG disclosing that George L. Holm will retire as Chief Executive Officer and that Scott E. McPherson will become Chief Executive Officer and President while Mr. Holm moves to the role of Executive Chair. Other news items cover shareholder engagement and governance, including a cooperation agreement with Sachem Head Capital Management LP and the appointment of Scott D. Ferguson to the Board of Directors and the Audit and Finance Committee.
News coverage also includes financial and operating updates. PFG regularly issues earnings releases for its fiscal quarters and full year, detailing case volume growth, net sales, gross profit, segment performance and cash flow, as well as its financial outlook. These releases describe trends across its Foodservice, Convenience and Specialty segments and the impact of acquisitions such as Cheney Brothers and José Santiago. In addition, the company has reported on an information-sharing arrangement with US Foods Holding Corp. to evaluate a potential business combination, followed by a later announcement that PFG and US Foods mutually agreed to terminate that process.
By following PFGC news, readers can monitor topics such as segment performance, acquisitions, capital allocation, shareholder activism, governance changes and strategic initiatives like the PFG One enterprise approach. The news stream provides context for how PFG navigates competition, integration of acquired businesses and its role in the food-away-from-home distribution market.
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.
Performance Food Group Company (PFGC) announced that George Holm, Chairman and CEO, along with Jim Hope, CFO, will present at the 2021 Jefferies Virtual Consumer Conference. The presentation will be webcast live on June 23 at 10:20 a.m. ET, available in listen-only mode on investors.pfgc.com. An archived replay will be accessible later the same day. PFGC is a foodservice distribution leader with a network of over 100 distribution facilities and serves over 200,000 locations across the U.S.
Performance Food Group (PFG) announced its acquisition of Core-Mark Holding Company in a stock and cash deal valued at approximately $2.5 billion. Core-Mark shareholders will receive $23.875 per share plus 0.44 PFG shares for each Core-Mark share. Post-transaction, Core-Mark shareholders will own about 13% of the combined entity. The acquisition aims to enhance PFG's Vistar segment and is projected to add $17 billion in net sales, bringing PFG's total to approximately $44 billion. Closing is anticipated in the first half of 2022, pending regulatory approvals.