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 (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.
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