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 (PFG) has announced its participation in the Barclays 10th Annual Eat, Sleep, Play, Shop Conference. The company's Chairman & CEO George Holm and Executive VP & CFO Patrick Hatcher will represent PFG at the event. A fireside chat will be webcast live on Thursday, December 5, 2024, at 11:15 a.m. ET. Investors can access the listen-only webcast on investors.pfgc.com, with an archived replay available later the same day.
Trimble (Nasdaq: TRMB) announced that Performance Food Group (PFG) has selected Trimble as its premier fleet management provider, doubling the number of Trimble-serviced trucks from 4,000 to over 8,000. PFG will implement Trimble Instinct across its entire fleet, covering all three business segments: Performance Foodservice, Core-Mark, and Vistar. The decision comes after PFG faced challenges with multiple disparate fleet management systems. The comprehensive solution will provide Electronic Logging Device (ELD) data and integrate with PFG's existing tools, streamlining operations for the Fortune 100 company that delivers over 300,000 food products across the U.S., Canada, and Puerto Rico.
Performance Food Group (NYSE: PFGC) has launched its new FarmSmart® Beef & Jackfruit Burger, in partnership with The Jackfruit Company. The innovative product combines premium beef with jackfruit, offering 40% less saturated fat and 40% lower cholesterol than traditional beef burgers. The burger has received positive feedback from college students and chefs for its taste, juiciness, and cooking characteristics. This launch aligns with PFG's commitment to providing sustainable food solutions while maintaining the taste and texture consumers expect from traditional burgers.
Performance Food Group (PFGC) reported Q1 fiscal 2025 results with net sales increasing 3.2% to $15.4 billion. Total case volume grew 2.6%, with independent foodservice case volume up 7.8%. Gross profit improved 6.1% to $1.8 billion, while net income decreased 10.5% to $108.0 million. Adjusted EBITDA rose 7.3% to $411.9 million. The company maintained its fiscal 2025 outlook with expected net sales of $62.5-63.5 billion and Adjusted EBITDA of $1.7-1.8 billion. For Q2 fiscal 2025, PFG expects net sales of $15.2-15.6 billion and Adjusted EBITDA of $400-420 million.
Performance Food Group (NYSE:PFGC) has announced it will host a live audio webcast on Wednesday, November 6, 2024, at 9 a.m. ET to discuss its first-quarter fiscal 2025 financial results. The company will release its financial results at approximately 7 a.m. ET on the same day. Chairman & CEO George Holm and CFO Patrick Hatcher will lead the discussion and answer questions from investors and media. The listen-only webcast will be available at investors.pfgc.com with pre-registration required.
Performance Food Group Company (PFG) has launched its third Associate Resource Group (ARG), called ¡Unidos!, as part of its inclusion, diversity, and belonging initiatives. The group aims to foster inclusion, cultivate community, and empower Hispanic associates to become future leaders within PFG.
¡Unidos! is led by co-chairs Sandy Acosta and Jorge Parra, with Patrick Hatcher as the executive sponsor. The ARG focuses on increasing Hispanic representation, improving recruitment and retention strategies, and building a sense of community for Hispanic associates and their allies.
This is PFG's third ARG, following the Women of PFG ARG launched in 2022 and the Black Inclusion Group in 2023. These groups are essential for fostering inclusion, bringing diverse perspectives, and maintaining an inclusive, high-performing culture at PFG.
Performance Food Group Company (PFG) (NYSE:PFGC) has completed the acquisition of Cheney Bros, Inc., a leading independent broadline foodservice distributor based in Florida. This acquisition strengthens PFG's presence in the Southeast region and adds distribution capacity. Key points:
- Cheney Brothers generates approximately $3.2 billion in annual revenue
- Has about 3,600 employees and operates five distribution centers in Florida and North Carolina
- PFG expects to generate $50 million of annual run-rate cost synergies by the third full fiscal year
- The purchase price reflects a 13.0x multiple of Cheney Brothers' unaudited Trailing 12-month Adjusted EBITDA
- PFG updates its fiscal year 2025 outlook, now expecting net sales of $62.5 billion to $63.5 billion and Adjusted EBITDA of $1.7 billion to $1.8 billion
Performance Food Group Company (NYSE: PFGC) has announced that 28 of its truck drivers have been inducted into the 2024 International Foodservice Distributors Association (IFDA) Truck Driver Hall of Fame. These drivers have a combined 830+ years of safe and reliable driving experience. To be eligible, drivers must have at least 25 years of employment with an IFDA member company and no moving violations or chargeable accidents in the last five years.
The inductees will be honored at an invite-only banquet during IFDA's Solutions Conference in September 2024. PFG emphasizes the importance of these drivers in meeting customer needs and delivering goods safely across North America. All PFG drivers undergo a defensive driver training program to enhance safe driving habits and hazard perception.
Performance Food Group Company (NYSE: PFGC) announced the pricing of $1.0 billion aggregate principal amount of 6.125% Senior Notes due 2032, offered by its subsidiary Performance Food Group, Inc. The offering is expected to close on September 12, 2024. PFG plans to use the net proceeds, along with revolving credit facility borrowings, to finance the cash consideration for its proposed acquisition of Cheney Bros, Inc. and related expenses. The notes will be guaranteed by PFGC, Inc. and its material wholly-owned domestic restricted subsidiaries. The offering is not conditioned on the Cheney Brothers Acquisition closing. The notes are being offered only to qualified institutional buyers and non-U.S. persons, as they have not been registered under the Securities Act.
Performance Food Group Company (NYSE: PFGC) has announced its intention to offer $1.0 billion aggregate principal amount of Senior Notes due 2032 through its indirect wholly-owned subsidiary, Performance Food Group, Inc. The net proceeds from this offering, along with borrowings from the company's revolving credit facility, will be used to finance the cash consideration for PFG's proposed acquisition of Cheney Bros, Inc. and related expenses. The notes will be guaranteed by PFGC, Inc. and its material wholly-owned domestic restricted subsidiaries. Importantly, the closing of this offering is not contingent on the completion of the Cheney Brothers Acquisition. The notes have not been registered under the Securities Act and will be offered only to qualified institutional buyers and non-U.S. persons in compliance with applicable regulations.