Performance Food Group (PFGC) Misses Q3 EPS by 1c, Revenues Beat; Provides FY19 Growth Outlook

Performance Food Group (NYSE: PFGC) reported Q3 EPS of $0.35, $0.01 worse than the analyst estimate of $0.36. Revenue for the quarter came in at $4.7 billion versus the consensus estimate of $4.66 billion.

• Total case volume grew 5.3%
• Net sales increased 7.8% to $4.7 billion
• Gross profit improved 8.2% to $604.7 million
• Net income declined 4.2% to $32.3 million
• Adjusted EBITDA increased 11.0% to $106.1 million1
• Diluted Earnings Per Share (“EPS”) decreased 3.1% to $0.31
• Adjusted Diluted EPS increased 2.9% to $0.351

“Our financial results were in line with our expectations and we believe we are on-track to achieve our fiscal year outlook,” said George Holm, PFG’s Chairman, President and Chief Executive Officer. “Our independent case growth sequentially improved from the second quarter to the third quarter and grew over 5% year-over-year. Vistar continued to deliver double-digit EBITDA growth. And we also closed on the Eby-Brown transaction late last month and are excited for them to join the PFG family of companies.”

Fiscal 2019 Outlook

For fiscal 2019, PFG tighten its Adjusted EBITDA growth outlook to be in a range of 8% to 10% over its fiscal 2018 Adjusted EBITDA of $426.71 million. The previous fiscal 2019 Adjusted EBITDA growth range was 7% to 10%.

PFG tightens is fiscal 2019 Adjusted Diluted EPS growth outlook to be in a range of 12% to 16% over its fiscal 2018 Adjusted Diluted EPS of $1.541. The previous fiscal 2019 Adjusted Diluted EPS growth range was 10% to 16%.

For earnings history and earnings-related data on Performance Food Group (PFGC) click here.

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