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) 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.
Performance Food Group Company (PFGC) announced that its Coda Coffee Co. promotional video won a silver award at the 43rd Annual Telly Awards in the business-to-business category. This award highlights excellence in video production and creativity. Coda Coffee, part of PFG since 2020, focuses on sustainability in its operations. The Telly Awards recognized the evolving nature of storytelling in video, especially relevant to workplace culture and communication. PFGC operates over 150 locations across North America and serves more than 300,000 customers.
Performance Food Group Company (PFGC) announced that its Contigo brand has achieved significant milestones, surpassing 2 million cases sold in one year, making it the fastest-growing brand in PFG history. Launched in 2016, Contigo represents the diversity of Hispanic-Latino cuisine and offers over 50 products, sourced from Mexico, Central, and South America. The brand is gaining popularity in the Hispanic-Latino restaurant market, with key products like whole-peeled tomatoes and skirt steak receiving positive customer feedback.
Performance Food Group Company (PFGC) announced that eight of its truck drivers have been inducted into the 2022 International Foodservice Distributors Association (IFDA) Truck Driver Hall of Fame. These drivers collectively represent over 226 years of safe and reliable service. To qualify, drivers must have at least 25 years of employment with an IFDA member and no violations in the past five years. The inductees will be honored at the IFDA Distribution Solutions Conference from Sept. 14-16, 2022, in Tampa, Florida.
Performance Food Group Company (NYSE: PFGC) has announced the promotions of four senior leaders in its Finance department. Jeff Fender is now Senior Vice President & Treasurer, while George Hearn shifts to Senior Vice President & CFO of Performance Foodservice. Liz Mountjoy and Chris Vlahcevic also advance to Senior Vice President roles focusing on strategy and finance. These changes aim to enhance PFG's finance capabilities amid growth. The firm operates across North America, serving over 300,000 locations with a workforce of more than 30,000 associates.
Performance Food Group Company (PFGC) hosted its 2022 Investor Day, presenting a fiscal 2022 outlook with net sales expected between $50.5 billion and $51 billion and Adjusted EBITDA of $1 billion to $1.01 billion. The company also outlined a three-year goal targeting net sales of $62 billion to $64 billion and Adjusted EBITDA of $1.5 billion to $1.7 billion by fiscal 2025. The outlook incorporates the Core-Mark acquisition, with management indicating potential risks associated with forward-looking statements.
Performance Food Group Company (NYSE: PFGC) is set to host 66 Foodcentric Experience events in 2022, marking a significant increase since 2018. Over 50,000 attendees are anticipated across the country. These events aim to provide vital industry insights, featuring seminars on marketing, operations, technology, and more. The year will conclude with a major event in Orlando from Oct. 16-20, 2022, showcasing the latest trends and products in food service.