Welcome to our dedicated page for Performance Food Group news (Ticker: PFGC), a resource for investors and traders seeking the latest updates and insights on Performance Food Group stock.
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 (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.
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.