Welcome to our dedicated page for Performance Food Group news (Ticker: PFGC), a resource for investors and traders seeking the latest updates and insights on Performance Food Group stock.
Performance Food Group Company reports developments in North American food and foodservice distribution, including results for its Foodservice, Vistar and Convenience businesses. The company markets and delivers food, candy, snacks, beverages, cigarettes and other tobacco products, health and beauty care items, and related products to restaurants, schools, healthcare facilities, vending and office coffee service distributors, retailers, theaters, convenience stores, travel providers and hospitality customers.
PFGC news commonly covers case-volume trends, net sales, product-cost inflation, cash flow, procurement and operating expense drivers, acquisitions, debt financing, guidance updates, leadership succession, shareholder matters and risk topics such as technology disruption, cybersecurity and environmental compliance.
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.
Performance Food Group (NYSE: PFGC) reported strong Q4 and full-year fiscal 2024 results, with double-digit growth in net income and earnings per share. Q4 highlights include:
- Net sales increased 2.2% to $15.2 billion
- Net income rose 10.9% to $166.5 million
- Adjusted EBITDA grew 18.4% to $456.2 million
- Diluted EPS increased 11.5% to $1.07
Full-year fiscal 2024 results show:
- Net sales up 1.8% to $58.3 billion
- Net income increased 9.7% to $435.9 million
- Adjusted EBITDA rose 10.5% to $1.5 billion
- Operating cash flow of $1.2 billion
PFG also announced plans to acquire Cheney Brothers for $2.1 billion and completed the acquisition of José Santiago in July 2024.
Performance Food Group Company (PFG) (NYSE:PFGC) has announced a $2.1 billion acquisition of Cheney Bros, Inc., a leading independent broadline foodservice distributor. The deal expands PFG's presence in the Southeast U.S., adding five state-of-the-art distribution facilities across Florida, Georgia, North Carolina, and South Carolina. Cheney Brothers generates approximately $3.2 billion in annual revenue.
Key benefits include:
- Expected $50 million annual run-rate cost synergies by the third full fiscal year
- Accretive to Adjusted Diluted EPS by the end of the first full fiscal year
- Purchase price represents a 9.9x Adjusted EBITDA multiple, including synergies
Performance Food Group Company (PFG) (NYSE:PFGC) has announced it will host a live audio webcast on Wednesday, Aug. 14, 2024, at 9 a.m. ET to discuss its fourth-quarter fiscal 2024 financial results. The company will release a news report with these results at approximately 7 a.m. ET on the same day. George Holm, PFG Chairman & CEO, and Patrick Hatcher, Executive VP & CFO, will lead the discussion and answer questions from investors and media. The webcast will be available in listen-only mode on the company's investor relations website, with pre-event registration required. An archived version will be made available later that day.
Performance Food Group Company (PFG) (NYSE: PFGC) has appointed Danielle M. Brown to its Board of Directors, effective June 28, 2024. This appointment increases PFG’s Board to 12 members. Brown, currently the Senior Vice President and CIO of Whirlpool ’s Global Information Technology, will serve on PFG's Audit and Finance Committee and Technology and Cybersecurity Committee. Brown brings over 20 years of IT leadership experience, having held significant roles at Whirlpool, Brunswick, and DuPont. She also holds board positions at PRA Group and Corewell Health. PFG's CEO, George Holm, highlighted Brown’s extensive IT expertise and its alignment with PFG's strategic vision.
OLM Food Solutions, a Performance Food Group (PFG) company, has launched Hot Stuff Kitchen Stuffed Bites, featuring classic flavors in various doughs for on-the-go snacking. The product aims to increase same-store sales, providing unique, cost-effective, and tasty options for customers. The initial line includes savory and sweet flavors like Jalapeño Biscuit and Apple Pie Bites, with more to come.
Performance Food Group Company (PFG) reported mixed results for the third quarter and first nine months of fiscal 2024. While total case volume slightly decreased, organic independent foodservice case volume grew. Net sales and gross profit increased, but net income and diluted earnings per share decreased. Adjusted EBITDA showed a modest increase. For the first nine months, total case volume and net sales grew, along with gross profit and adjusted EBITDA. Operating expenses rose for both periods, impacting net income. Cash flow and capital spending improved, with the company delivering strong free cash flow. The Company's long-term outlook remains positive, with an increase in Adjusted EBITDA guidance for 2024.
Performance Food Group Company (PFG) will participate in the 2024 BMO Farm to Market Conference with their Chairman & Chief Executive Officer and Executive Vice President & Chief Financial Officer. The webcast will be live on May 15, 2024, at 2:00 p.m. ET, available on investors.pfgc.com.
Performance Food Group Company (PFGC) has released its fiscal year 2023 Environmental, Social, and Governance (ESG) report, highlighting progress on current goals and introducing new milestones. The company has made advancements in energy efficiency, waste reduction, responsible sourcing, and diversity initiatives. PFGC plans to reduce greenhouse gas emissions, increase sustainable product options, survey suppliers on key topics, and expand charitable contributions in the future.