Performance Food Group Co Stock Price, News & Analysis

Performance Food Group Company (NYSE: PFGC) has launched its new product, Bay Winds® Fair Trade Certified™ Norwegian Salmon. This partnership with Beaver Street Fisheries grants PFG exclusive distribution rights for this unique farmed salmon, which is the world’s only Fair Trade Certified salmon. The product features a high omega-3 content, with over 2,000 mg per serving, exceeding dietary recommendations. Each salmon portion is available frozen in various sizes. PFG continues to strengthen its market presence through innovative and sustainable product offerings.

Performance Food Service in Commerce City, CO will hold a groundbreaking ceremony for a new 265,000-square-foot facility on Sept. 28, 2022. The facility aims to enhance service to over 1,100 customers and create 145 jobs over the next decade. Set to complete in late 2023, this facility will more than double the current warehouse space and implement advanced automation, increasing efficiency and capacity in foodservice distribution.

Performance Food Group Company (PFGC) has reaffirmed its financial outlook ahead of upcoming investor meetings. For Q1 2023, net sales are projected between $14.2 billion and $14.5 billion, with Adjusted EBITDA expected to range from $280 million to $300 million. For Q2 2023, net sales are anticipated between $13.5 billion and $13.8 billion, and Adjusted EBITDA between $245 million and $265 million. The full year outlook projects net sales from $56 billion to $58 billion and Adjusted EBITDA from $1.15 billion to $1.25 billion.

Performance Food Group (PFGC) has unified its Convenience business under the Core-Mark brand, enhancing its position as a leading provider in North America. The integration, resulting from previous acquisitions of Eby-Brown and Core-Mark, aims to streamline operations and strengthen customer relationships. PFGC now services over 50,000 customers through its 39 distribution centers across the U.S. and Canada, promoting innovation and enhanced value for retailers. Executives express confidence in the growth and synergy post-integration, aiming for improved sales and profit opportunities.

Performance Food Group Company (NYSE: PFGC) celebrated Corporate Chef Robert Stegall-Smith's win at the 2022 Chef Invitational hosted by California Giant Berry Farms. His innovative Giant Berry Pizza won the People's Choice award, earning him a $500 cash prize and a matching grant to Palmetto Place Children and Youth Services. This recognition highlights PFGC's focus on culinary innovation and community engagement.

Performance Food Group Company (PFGC) has launched its first Associate Resource Group (ARG), Women of PFG, aimed at fostering inclusion and empowering associates within the company.

Led by co-chairs Sherri Hager and Thyra Austin, this initiative focuses on enhancing career development and cultural awareness, marking the start of a broader strategy that will introduce eight ARGs over the next three years.

Company executives emphasize the importance of reflecting the diversity of the communities served and enhancing workplace productivity through this initiative.

Performance Food Group Company (PFGC) reported strong fiscal 2022 results with a 67% increase in net sales to $50.9 billion and a 176% rise in net income to $112.5 million. The fourth quarter saw total case volume grow 17%, net sales reach $14.6 billion, and adjusted EBITDA rise 69% to $357.1 million. The company's acquisition of Core-Mark significantly contributed to sales and profit growth. Looking forward, PFGC projects fiscal 2023 net sales between $56 to $58 billion and adjusted EBITDA between $1.15 to $1.25 billion, indicating a positive outlook for continued growth.

Performance Food Group Company (PFGC) announced the retirement of CFO Jim Hope, effective in Q4 2022, with Patrick Hatcher transitioning into the role. Hope, who has been instrumental in PFG's growth over 35 years, will mentor Hatcher during the transition. Hatcher, currently President & COO of Vistar, has extensive experience in finance and operations. Additionally, Scott McPherson has been promoted to Executive Vice President, overseeing the Vistar segment. CEO George Holm emphasized the importance of a strong financial foundation for continued growth.

Performance Food Group Company (PFGC) will host a live audio webcast on August 17 at 9 a.m. ET to discuss its fourth-quarter and full-year fiscal 2022 financial results. The results will be released at approximately 7 a.m. ET on the same day. PFG's leadership team, including Chairman & CEO George Holm and CFO Jim Hope, will present and answer questions from investors and media. The webcast can be accessed via investors.pfgc.com, with pre-event registration required.