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 (PFGC) announced preliminary financial results for the second quarter of fiscal 2023, projecting net sales of approximately $13.9 billion and Adjusted EBITDA of at least $290 million. This is an increase from the previous estimate of $260 million to $280 million. For the entire fiscal year 2023, PFGC expects net sales between $57 billion and $59 billion, and Adjusted EBITDA between $1.25 billion and $1.35 billion, adjusting upward from earlier forecasts.
Performance Food Group Company (NYSE:PFGC) will participate in the 2023 ICR Conference with a live webcast of its fireside chat featuring Chairman & CEO George Holm and President & COO of Vistar Patrick Hatcher. The event is scheduled for January 9, 2023, at 12:30 p.m. ET, with a listen-only mode available on investors.pfgc.com. PFGC is a leading food distribution company in North America, serving over 300,000 locations.
Performance Food Group Company (NYSE:PFGC) has authorized a new share repurchase program worth $300 million, replacing the previous $250 million program. The initiative, which focuses on returning capital to shareholders, reflects the Board's confidence in the company's financial strength and growth potential. The repurchases will be funded through cash on hand, operational cash flow, and credit borrowings. While timing and amount of shares to be purchased depend on market conditions, the program underscores PFG's commitment to strategic priorities such as sales growth and margin expansion.
Performance Food Group Company (PFGC) reported strong first-quarter fiscal 2023 results with net sales surging 42% to $14.7 billion. The total case volume increased by 16%, driven by the acquisition of Core-Mark and price inflation, contributing to significant gross profit growth of 38% to $1.6 billion. Net income rose to $95.7 million, and Adjusted EBITDA jumped 93% to $354.7 million. The company has raised its fiscal 2023 outlook, anticipating net sales between $57 billion to $59 billion and Adjusted EBITDA of $1.23 billion to $1.33 billion.
Performance Food Group Company (PFGC) is set to host a live audio webcast discussing its first-quarter fiscal 2023 financial results on Nov. 9, 2022, at 9 a.m. ET. A news release with the results will be published at 7 a.m. ET the same day. PFGC executives, including Chairman & CEO George Holm and CFO Jim Hope, will present the results and answer questions from the investment community. The webcast will be accessible in listen-only mode through the company's investor relations website.
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.