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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 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.
Performance Food Group Company (PFGC) announced preliminary financial results for the second quarter of fiscal 2023, projecting net sales of approximately
Performance Food Group Company (NYSE:PFGC) will participate in the 2023 ICR Conference with a live webcast of its fireside chat featuring Chairman & CEO George Holm and President & COO of Vistar Patrick Hatcher. The event is scheduled for January 9, 2023, at 12:30 p.m. ET, with a listen-only mode available on investors.pfgc.com. PFGC is a leading food distribution company in North America, serving over 300,000 locations.
Performance Food Group Company (NYSE:PFGC) has authorized a new share repurchase program worth $300 million, replacing the previous $250 million program. The initiative, which focuses on returning capital to shareholders, reflects the Board's confidence in the company's financial strength and growth potential. The repurchases will be funded through cash on hand, operational cash flow, and credit borrowings. While timing and amount of shares to be purchased depend on market conditions, the program underscores PFG's commitment to strategic priorities such as sales growth and margin expansion.
Performance Food Group Company (PFGC) reported strong first-quarter fiscal 2023 results with net sales surging 42% to $14.7 billion. The total case volume increased by 16%, driven by the acquisition of Core-Mark and price inflation, contributing to significant gross profit growth of 38% to $1.6 billion. Net income rose to $95.7 million, and Adjusted EBITDA jumped 93% to $354.7 million. The company has raised its fiscal 2023 outlook, anticipating net sales between $57 billion to $59 billion and Adjusted EBITDA of $1.23 billion to $1.33 billion.
Performance Food Group Company (PFGC) is set to host a live audio webcast discussing its first-quarter fiscal 2023 financial results on Nov. 9, 2022, at 9 a.m. ET. A news release with the results will be published at 7 a.m. ET the same day. PFGC executives, including Chairman & CEO George Holm and CFO Jim Hope, will present the results and answer questions from the investment community. The webcast will be accessible in listen-only mode through the company's investor relations website.
Performance Food Group Company (NYSE: PFGC) has launched its new product, Bay Winds® Fair Trade Certified™ Norwegian Salmon. This partnership with Beaver Street Fisheries grants PFG exclusive distribution rights for this unique farmed salmon, which is the world’s only Fair Trade Certified salmon. The product features a high omega-3 content, with over 2,000 mg per serving, exceeding dietary recommendations. Each salmon portion is available frozen in various sizes. PFG continues to strengthen its market presence through innovative and sustainable product offerings.
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Performance Food Group Company (PFGC) has reaffirmed its financial outlook ahead of upcoming investor meetings. For Q1 2023, net sales are projected between
Performance Food Group (PFGC) has unified its Convenience business under the Core-Mark brand, enhancing its position as a leading provider in North America. The integration, resulting from previous acquisitions of Eby-Brown and Core-Mark, aims to streamline operations and strengthen customer relationships. PFGC now services over 50,000 customers through its 39 distribution centers across the U.S. and Canada, promoting innovation and enhanced value for retailers. Executives express confidence in the growth and synergy post-integration, aiming for improved sales and profit opportunities.
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