Welcome to our dedicated page for Performance Food Group Company news (Ticker: PFGC), a resource for investors and traders seeking the latest updates and insights on Performance Food Group Company stock.
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 Company (PFGC) released its 2022 Environmental, Social and Governance (ESG) report, highlighting advancements in its ESG initiatives.
Key achievements include:
- Setting a new goal to reduce greenhouse gas emissions.
- Deploying 10 net-zero refrigeration trailers in Gilroy, CA, with plans for more.
- Establishing a Preferred Purchasing Policy for suppliers with ESG commitments.
- Increasing spend with MWVBE vendors by 7%.
- Launching the Women of PFG Associate Resource Group and introducing the Black Inclusion Group.
CEO Craig Hoskins emphasized the importance of these efforts in driving positive change within communities.
Yerbaé Brands Corp. has successfully completed its merger with Yerbaé Brands Co., marking a significant step in its growth strategy. The transaction, finalized through a reverse triangular merger, combines the entities and enhances capital resources. The company has seen growth through retail partnerships with major players like Costco and Sprouts Farmers Market. Yerbaé also launched the innovative Pumpkin Spice energy drink, attracting media attention. Alongside organizational changes, including a new CFO and board of directors, the merger positions Yerbaé for increased market reach and investor engagement. Shares resumed trading on TSXV under 'YERB.U' on February 13, 2023.
Performance Food Group Company (PFGC) announced participation in the 2023 Consumer Analyst Group of New York (CAGNY) Conference. CEO George Holm and CFO Patrick Hatcher will present on February 23, 2023, at 11 a.m. ET. The presentation will be available via webcast in listen-only mode on the investors.pfgc.com website. PFGC is a leading foodservice distribution company in North America, boasting over 150 locations and serving 300,000 customers, including restaurants and retailers. With a workforce of more than 35,000 associates, the company continues to build strong customer relationships.
Performance Food Group Company (PFGC) reported strong second-quarter results for fiscal 2023, with net sales rising 8.3% to $13.9 billion and gross profit increasing 17.3% to $1.5 billion. Net income soared to $71.1 million, while Adjusted EBITDA surged 28.1% to $308.8 million. For the first half, net sales grew 23.2% to $28.6 billion, and Adjusted EBITDA rose 56.2% to $663.5 million. The company raised its full-year Adjusted EBITDA outlook to a range of $1.27 billion to $1.35 billion. Despite a 10.3% inflation rate for overall product costs, PFGC's execution across business segments resulted in significant margin expansion and strong cash flow generation.
Performance Food Group Company (PFGC) announced plans for over 75 Foodcentric Experience events in 2023, following a record year in 2022 with 66 events attended by over 30,000 participants. The flagship event will be held in
Performance Food Group Company (PFGC) is set to host a live audio webcast on February 8 at 9 a.m. ET to discuss its second-quarter fiscal 2023 financial results, with a news release issued at 7 a.m. ET. Led by CEO George Holm and CFO Patrick Hatcher, the webcast will be available in listen-only mode on investors.pfgc.com, requiring pre-registration. PFGC is a major food distribution company in North America, serving over 300,000 locations through its 150+ facilities. The company employs more than 35,000 associates committed to strong customer relationships.
Performance Food Group Company (NYSE: PFGC) has launched its second Associate Resource Group (ARG), named the Black Inclusion Group (BIG), as part of its Diversity, Inclusion, and Belonging initiatives. Co-chaired by Tameka McCoy and Scott Cosby, BIG aims to advocate for the advancement of Black associates at PFG. This initiative is part of a broader strategy that includes fostering community and increasing diversity across the workforce of over 30,000 associates operating in the U.S., Canada, and Mexico.
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