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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 (NYSE: PFGC) reported strong Q4 and full-year fiscal 2024 results, with double-digit growth in net income and earnings per share. Q4 highlights include:
- Net sales increased 2.2% to $15.2 billion
- Net income rose 10.9% to $166.5 million
- Adjusted EBITDA grew 18.4% to $456.2 million
- Diluted EPS increased 11.5% to $1.07
Full-year fiscal 2024 results show:
- Net sales up 1.8% to $58.3 billion
- Net income increased 9.7% to $435.9 million
- Adjusted EBITDA rose 10.5% to $1.5 billion
- Operating cash flow of $1.2 billion
PFG also announced plans to acquire Cheney Brothers for $2.1 billion and completed the acquisition of José Santiago in July 2024.
Performance Food Group Company (PFG) (NYSE:PFGC) has announced a $2.1 billion acquisition of Cheney Bros, Inc., a leading independent broadline foodservice distributor. The deal expands PFG's presence in the Southeast U.S., adding five state-of-the-art distribution facilities across Florida, Georgia, North Carolina, and South Carolina. Cheney Brothers generates approximately $3.2 billion in annual revenue.
Key benefits include:
- Expected $50 million annual run-rate cost synergies by the third full fiscal year
- Accretive to Adjusted Diluted EPS by the end of the first full fiscal year
- Purchase price represents a 9.9x Adjusted EBITDA multiple, including synergies
Performance Food Group Company (PFG) (NYSE:PFGC) has announced it will host a live audio webcast on Wednesday, Aug. 14, 2024, at 9 a.m. ET to discuss its fourth-quarter fiscal 2024 financial results. The company will release a news report with these results at approximately 7 a.m. ET on the same day. George Holm, PFG Chairman & CEO, and Patrick Hatcher, Executive VP & CFO, will lead the discussion and answer questions from investors and media. The webcast will be available in listen-only mode on the company's investor relations website, with pre-event registration required. An archived version will be made available later that day.
Performance Food Group Company (PFG) (NYSE: PFGC) has appointed Danielle M. Brown to its Board of Directors, effective June 28, 2024. This appointment increases PFG’s Board to 12 members. Brown, currently the Senior Vice President and CIO of Whirlpool ’s Global Information Technology, will serve on PFG's Audit and Finance Committee and Technology and Cybersecurity Committee. Brown brings over 20 years of IT leadership experience, having held significant roles at Whirlpool, Brunswick, and DuPont. She also holds board positions at PRA Group and Corewell Health. PFG's CEO, George Holm, highlighted Brown’s extensive IT expertise and its alignment with PFG's strategic vision.
OLM Food Solutions, a Performance Food Group (PFG) company, has launched Hot Stuff Kitchen Stuffed Bites, featuring classic flavors in various doughs for on-the-go snacking. The product aims to increase same-store sales, providing unique, cost-effective, and tasty options for customers. The initial line includes savory and sweet flavors like Jalapeño Biscuit and Apple Pie Bites, with more to come.
Performance Food Group Company (PFG) reported mixed results for the third quarter and first nine months of fiscal 2024. While total case volume slightly decreased, organic independent foodservice case volume grew. Net sales and gross profit increased, but net income and diluted earnings per share decreased. Adjusted EBITDA showed a modest increase. For the first nine months, total case volume and net sales grew, along with gross profit and adjusted EBITDA. Operating expenses rose for both periods, impacting net income. Cash flow and capital spending improved, with the company delivering strong free cash flow. The Company's long-term outlook remains positive, with an increase in Adjusted EBITDA guidance for 2024.
Performance Food Group Company (PFG) will participate in the 2024 BMO Farm to Market Conference with their Chairman & Chief Executive Officer and Executive Vice President & Chief Financial Officer. The webcast will be live on May 15, 2024, at 2:00 p.m. ET, available on investors.pfgc.com.
Performance Food Group Company (PFGC) has released its fiscal year 2023 Environmental, Social, and Governance (ESG) report, highlighting progress on current goals and introducing new milestones. The company has made advancements in energy efficiency, waste reduction, responsible sourcing, and diversity initiatives. PFGC plans to reduce greenhouse gas emissions, increase sustainable product options, survey suppliers on key topics, and expand charitable contributions in the future.
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