Performance Food posts higher fiscal fourth-quarter sales and profit

Performance Food Group reported higher fiscal fourth-quarter sales and profit, but its shares fell after adjusted earnings and revenue came in slightly below analyst estimates and the company issued first-quarter sales guidance that trailed expectations. Citigroup nonetheless reaffirmed its "Buy" rating and raised its price target to $144 after the results. Net sales rose 6.4% year over year to $18.03 billion, gross profit increased 8.3%, and adjusted EBITDA rose 7.4% to $587.5 million, while net profit climbed to $162.3 million, or $1.03 a share, from $131.5 million, or 84 cents. Total case volume increased 3.5%, including 8% growth in Independent Foodservice cases and 5.8% organic Independent Foodservice case volume growth. For the first quarter, the company forecast sales of $17.9 billion to $18.1 billion and adjusted EBITDA of $510 million to $530 million. For fiscal 2027, it projected sales of $72.5 billion to $73 billion and adjusted EBITDA of $2.125 billion to $2.225 billion, with a 53rd week expected to add about 2% to results.

The information on this website is generated using AI and we cannot guarantee its accuracy. Please use it as reference information only.