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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) celebrated Corporate Chef Robert Stegall-Smith's win at the 2022 Chef Invitational hosted by California Giant Berry Farms. His innovative Giant Berry Pizza won the People's Choice award, earning him a $500 cash prize and a matching grant to Palmetto Place Children and Youth Services. This recognition highlights PFGC's focus on culinary innovation and community engagement.
Performance Food Group Company (PFGC) has launched its first Associate Resource Group (ARG), Women of PFG, aimed at fostering inclusion and empowering associates within the company.
Led by co-chairs Sherri Hager and Thyra Austin, this initiative focuses on enhancing career development and cultural awareness, marking the start of a broader strategy that will introduce eight ARGs over the next three years.
Company executives emphasize the importance of reflecting the diversity of the communities served and enhancing workplace productivity through this initiative.
Performance Food Group Company (PFGC) reported strong fiscal 2022 results with a 67% increase in net sales to $50.9 billion and a 176% rise in net income to $112.5 million. The fourth quarter saw total case volume grow 17%, net sales reach $14.6 billion, and adjusted EBITDA rise 69% to $357.1 million. The company's acquisition of Core-Mark significantly contributed to sales and profit growth. Looking forward, PFGC projects fiscal 2023 net sales between $56 to $58 billion and adjusted EBITDA between $1.15 to $1.25 billion, indicating a positive outlook for continued growth.
Performance Food Group Company (PFGC) announced the retirement of CFO Jim Hope, effective in Q4 2022, with Patrick Hatcher transitioning into the role. Hope, who has been instrumental in PFG's growth over 35 years, will mentor Hatcher during the transition. Hatcher, currently President & COO of Vistar, has extensive experience in finance and operations. Additionally, Scott McPherson has been promoted to Executive Vice President, overseeing the Vistar segment. CEO George Holm emphasized the importance of a strong financial foundation for continued growth.
Performance Food Group Company (PFGC) will host a live audio webcast on August 17 at 9 a.m. ET to discuss its fourth-quarter and full-year fiscal 2022 financial results. The results will be released at approximately 7 a.m. ET on the same day. PFG's leadership team, including Chairman & CEO George Holm and CFO Jim Hope, will present and answer questions from investors and media. The webcast can be accessed via investors.pfgc.com, with pre-event registration required.
Performance Food Group Company (PFGC) announced that its Coda Coffee Co. promotional video won a silver award at the 43rd Annual Telly Awards in the business-to-business category. This award highlights excellence in video production and creativity. Coda Coffee, part of PFG since 2020, focuses on sustainability in its operations. The Telly Awards recognized the evolving nature of storytelling in video, especially relevant to workplace culture and communication. PFGC operates over 150 locations across North America and serves more than 300,000 customers.
Performance Food Group Company (PFGC) announced that its Contigo brand has achieved significant milestones, surpassing 2 million cases sold in one year, making it the fastest-growing brand in PFG history. Launched in 2016, Contigo represents the diversity of Hispanic-Latino cuisine and offers over 50 products, sourced from Mexico, Central, and South America. The brand is gaining popularity in the Hispanic-Latino restaurant market, with key products like whole-peeled tomatoes and skirt steak receiving positive customer feedback.
Performance Food Group Company (PFGC) announced that eight of its truck drivers have been inducted into the 2022 International Foodservice Distributors Association (IFDA) Truck Driver Hall of Fame. These drivers collectively represent over 226 years of safe and reliable service. To qualify, drivers must have at least 25 years of employment with an IFDA member and no violations in the past five years. The inductees will be honored at the IFDA Distribution Solutions Conference from Sept. 14-16, 2022, in Tampa, Florida.
Performance Food Group Company (NYSE: PFGC) has announced the promotions of four senior leaders in its Finance department. Jeff Fender is now Senior Vice President & Treasurer, while George Hearn shifts to Senior Vice President & CFO of Performance Foodservice. Liz Mountjoy and Chris Vlahcevic also advance to Senior Vice President roles focusing on strategy and finance. These changes aim to enhance PFG's finance capabilities amid growth. The firm operates across North America, serving over 300,000 locations with a workforce of more than 30,000 associates.
Performance Food Group Company (PFGC) hosted its 2022 Investor Day, presenting a fiscal 2022 outlook with net sales expected between
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