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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 (PFGC) will host its 2022 Investor Day webcast on June 29 at 10:15 a.m. ET. Key executives, including CEO George Holm, will present updates to the investment community. PFGC is revising its fiscal 2022 guidance, projecting net sales between $50.5 billion and $51 billion, with Adjusted EBITDA revised to $1 billion to $1.01 billion, reflecting strong April and May results. The company's outlook takes into account 10 months of Core-Mark contributions. Investors can register and access the archive on the company's investor site.
Performance Food Group Company (PFGC) has announced the promotion of three executives to Executive Vice President: Don Bulmer (CIO), Erika Davis (CHRO), and Brent King (General Counsel). Effective immediately, these promotions recognize their valuable contributions to the company's success. Chairman and CEO George Holm stated that their leadership is crucial for attracting talent and delivering innovative solutions. PFGC operates as a leading food and foodservice distribution company across North America.
Performance Food Group Company (NYSE: PFGC) has improved its ranking to No. 112 on the 2022 Fortune 500 list, highlighting its strong growth and industry leadership. This ascent reflects PFGC's strategic focus on sustainable sales growth and expansion since its IPO in 2015, moving up from No. 185 in 2016. The company's success is supported by over 30,000 associates dedicated to customer relationships in the foodservice distribution sector.
Performance Food Group Company (PFGC) reported strong fiscal 2022 Q3 results, with net sales soaring 81.6% to $13.1 billion, propelled by the Core-Mark acquisition. Total case volume surged 35.3%, while gross profit rose 61.6% to $1.3 billion, reflecting effective integration strategies. Net income skyrocketed 407.9% to $23.4 million. Adjusted EBITDA increased 96.3% to $237.9 million. For the full fiscal year 2022, PFGC raised its net sales outlook to $50.5-$51 billion and Adjusted EBITDA to $990 million-$1 billion, anticipating continued growth across all segments.
Performance Food Group Company (PFGC) has scheduled a live audio webcast on May 11 at 9 a.m. ET to discuss its third-quarter fiscal 2022 financial results. A news release will be issued at 7 a.m. ET the same day. Company executives, including Chairman & CEO George Holm and CFO Jim Hope, will present the results and address questions from the investment community. The webcast will be accessible on the company's investor relations website, and a recorded version will be available later in the day.
Performance Food Group Company (PFGC) has launched 10 net-zero emission refrigeration trailers at its Gilroy, CA distribution center in partnership with Advanced Energy Machines. These solar-supported electric units can maintain temperatures as low as -20°F. This initiative supports PFG's ESG commitment to reduce power consumption intensity by 20% by 2030, while complying with California's zero-emission requirements for TRUs by 2029. Since June 2021, these units have cut down diesel usage by over 6,500 gallons, decreasing the carbon footprint by 73 tons.
Performance Food Group Company (NYSE:PFGC) has announced a $50,000 donation to World Central Kitchen (WCK) aimed at providing meals for Ukrainian refugees. CEO George Holm expressed pride in supporting WCK’s humanitarian efforts during the ongoing crisis in Ukraine. This donation aligns with PFG's focus on combating food insecurity and enhancing community welfare. PFG has a history of supporting WCK in response to various crises, reinforcing their commitment to corporate social responsibility.
Performance Food Group Company (NYSE: PFGC) will present at the 2022 CAGNY Virtual Conference on February 24 at 12:40 p.m. ET. The company maintains its fiscal third-quarter outlook, anticipating net sales between $12.9 billion and $13.1 billion, and Adjusted EBITDA ranging from $220 million to $230 million. For the full fiscal year, PFG expects net sales of $50 billion to $51 billion and Adjusted EBITDA from $970 million to $990 million, including 10 months of Core-Mark's results.
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