- Performance Food Group Co (NYSE:PFGC) reported second-quarter FY21 sales growth of 87% year-on-year, to $12.83 billion, in line with the consensus. Total case volume grew 40% Y/Y.
- Net sales for Foodservice increased 27.2% to $6.2 billion, Vistar increased 54.3% to $907.3 million.
- Operating expenses rose 62.8% to $1.2 billion.
- Gross profit increased 57.7% Y/Y to $1.3 billion, with the margin contracting 180 basis points to 10%.
- The operating margin was 0.5%, and operating income for the quarter was $57.8 million versus $60.9 million last year.
- The company held $16.7 million in cash and equivalents as of January 1, 2022. Net cash provided by operating activities for six months totaled $153.8 million.
- Adjusted EBITDA increased 52.6% Y/Y to $241.1 million.
- Adjusted EPS of $0.57 beat the analyst consensus of $0.49.
- "We continued to integrate Core-Mark, aligned our management and reporting structures with our corporate strategy, and experienced strong results in our base businesses," said Chairman and CEO George Holm.
- Outlook: Performance Food sees Q3 sales of $12.9 billion - $13.1 billion, above the consensus of $12.63 billion.
- The company expects FY22 net sales of $50 billion - $51 billion, versus the consensus of $50.04 billion.
- Price Action: PFGC shares are trading higher by 11.6% at $50.85 on the last check Wednesday.
