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Performance Food Group Company (PFGC) is a leading foodservice distributor in the United States with over 150,000 customer locations and approximately 150,000 food and related products. Operating through its three main divisions—Performance Foodservice, Vistar, and PFG Customized—the company has a broad customer base that includes independent and chain restaurants, schools, hospitals, vending distributors, and big box retailers. PFG's extensive reach is supported by 68 distribution centers and more than 12,000 associates nationwide.
Founded in Richmond, Virginia, PFG is recognized as the third-largest U.S. food-service distributor, holding a 9% market share. The company's food-service business, which accounts for 52% of its 2022 sales, provides customized food products and services to a wide range of customers. PFG has also expanded into the convenience store segment, contributing 41% to its sales, through strategic acquisitions such as Eby-Brown in 2019 and Core-Mark in 2021. The Vistar division, making up 7% of sales, distributes snacks, candy, and beverages to vending and office coffee service distributors, theaters, and hospitality providers.
Recent achievements underscore PFG's commitment to sustainability and innovation. In January 2024, the company partnered with Hyzon Motors to introduce hydrogen fuel cell electric vehicles (FCEVs) into its fleet, marking a significant step toward achieving decarbonization goals. These zero-emission trucks, delivered to PFG's Vistar facility in Fontana, California, will help reduce carbon emissions and noise pollution, benefiting the environment and local communities.
Furthermore, in April 2024, PFG announced a partnership with Neogen Corporation to enhance its PathProven food trace technology. This collaboration utilizes Neogen's DNA testing capabilities to trace food products back to their origins, ensuring quality and transparency. PFG's flagship Braveheart Black Angus Beef program exemplifies this commitment, using DNA testing to verify Angus genetics and set a high standard for beef programs.
Financially, PFG has demonstrated robust performance as a Fortune 100 company, driven by its dedicated workforce of over 35,000 associates. The company's strategic partnerships and innovative solutions continue to position it as a trusted partner in the foodservice industry.
Performance Food Group (PFG) announced its acquisition of Core-Mark Holding Company in a stock and cash deal valued at approximately $2.5 billion. Core-Mark shareholders will receive $23.875 per share plus 0.44 PFG shares for each Core-Mark share. Post-transaction, Core-Mark shareholders will own about 13% of the combined entity. The acquisition aims to enhance PFG's Vistar segment and is projected to add $17 billion in net sales, bringing PFG's total to approximately $44 billion. Closing is anticipated in the first half of 2022, pending regulatory approvals.
Performance Food Group Company (PFGC) reported its third-quarter 2021 results, showing a 2.9% increase in net sales to $7.2 billion driven by a 6.3% growth in independent case sales. However, total case volume fell 4.2%. Gross profit rose by 3.1% to $832.7 million, while operating expenses declined by 1.9%. Although net losses narrowed to $7.6 million from $40.2 million in the prior year, diluted loss per share improved to $0.06. For the full fiscal year, PFGC anticipates net sales of at least $8.2 billion and Adjusted EBITDA of at least $185 million.
Performance Food Group Company (PFGC) will host a live audio webcast on May 5 at 9 a.m. ET to discuss its third-quarter fiscal 2021 financial results. A news release with these results will be issued at approximately 7 a.m. ET the same day. George Holm, Chairman and CEO, along with CFO Jim Hope, will lead the discussion and answer questions from the investment community and media. The webcast will be accessible in listen-only mode on investors.pfgc.com. An archived version will be available later that day.
Performance Food Group Company (PFGC) has donated $50,000 to World Central Kitchen (WCK) to support their efforts in combating food insecurity following the winter storms in Texas. In addition to the donation, PFG also aided in delivering over 42,000 meals to children in need through Kids’ Meals Inc. This collaboration showcased PFG's commitment to corporate social responsibility and immediate community support. WCK's Director of Relief Operations appreciated PFG's quick and comprehensive response, reinforcing their alignment with WCK's mission to nourish communities during crises.
Performance Food Group Company (PFGC) announced that George Holm, Chairman & CEO, and Jim Hope, CFO, will present at the 2021 Consumer Analyst Group of New York (CAGNY) Virtual Conference. The presentation is scheduled for February 17, 2021, at 3:10 p.m. ET and will be available in a listen-only format via investors.pfgc.com. PFGC, based in Richmond, Virginia, is a leading foodservice distributor with a network of over 100 facilities, serving over 200,000 locations nationwide.
Performance Food Group Company (PFGC) reported its second-quarter and first-half fiscal 2021 results, showing a net income decline of 57.3% to $17.6 million. The company's net sales rose 12.8% to $6.8 billion, largely due to the acquisition of Reinhart Foodservice, which contributed $1.3 billion to sales. EBITDA increased 18.2% to $147.2 million, while diluted EPS fell 66.7% to $0.13. Operating expenses surged 18.9% to $750.2 million, mainly due to Reinhart's acquisition. Despite challenges, PFGC's case volume increased 8.4%, although excluding Reinhart, it declined by 16.9%.
Performance Food Group Company (PFGC) will host a live audio webcast on February 3, 2021, at 9 a.m. ET to discuss its second-quarter fiscal 2021 financial results, which will be released at 7 a.m. ET that day. George Holm, Chairman and CEO, along with Jim Hope, CFO, will present the results and answer questions from investors and media. The webcast will be accessible in listen-only mode on investors.pfgc.com and an archived version will be available post-event.
Performance Food Group Company (PFGC) announced participation in the 2021 ICR Virtual Conference by Chairman, President & CEO George Holm and CFO Jim Hope.
The live webcast is scheduled for Tuesday, January 12, 2021, at 11:30 a.m. ET, accessible via investors.pfgc.com.
An archived replay will be available later that day.
Performance Food Group Company (PFGC) has appointed Warren M. Thompson as an independent director on its Board of Directors, expanding the board to 11 members. Mr. Thompson, President and Chairman of Thompson Hospitality Corporation, brings extensive foodservice industry experience. He will also join the Audit and Technology Committees. With a background in managing food service for Fortune 100 companies and historically black colleges, his insights are expected to enhance PFG's strategic vision. The leadership change is part of PFG's commitment to strengthening governance.
Performance Foodservice, a division of Performance Food Group Company (PFGC), has launched its Green Origin™ brand, featuring a line of plant-based protein products. This new portfolio includes burgers, grinds, breakfast sausages, and nuggets made exclusively by Greenleaf Foods. The brand emphasizes quality, being 100% plant-based and free from artificial additives. With this initiative, Performance Foodservice aims to strengthen its position in the growing plant-based food segment, catering to the increasing consumer demand for sustainable and healthier dining options.
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