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 (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.
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.