Performance Food Group 2022 Q1: Core-Mark acquisition drives double-digit net sales
Source Performance Food Group Co.
Performance Food Group Co. (NYSE: PFGC), parent of vend production distributor Vistar, this week announced its first-quarter fiscal 2022 business results, boasting a 47.4% net sales increase.
“Performance Food Group is off to a great start to fiscal 2022, with a record level of sales and strong underlying business trends,” said president and chief executive George Holm. “Our Foodservice segment’s independent restaurant business maintained strong momentum.
"Independent cases are well above levels two years ago which would not be possible without the acceleration at Reinhart and strong contribution from the rest of our foodservice business, Holm added. "We are also very pleased to see Vistar experience consistent sequential improvement as their key channels, including theater and offices, continue to recover."
PFG first-quarter fiscal 2022 highlights
- Total case volume grew approximately 27%.
- Net sales increased 47.4% to $10.4 billion.
- Gross profit improved 40.1% to $1.1 billion.
- Net income of $4.7 million, compared with net loss of $0.7 million for the prior year period.
- Adjusted EBITDA increased 35.9% to $183.7 million.
- Diluted earnings per share (EPS) of $0.03.
- Adjusted diluted EPS increased 72.0% to $0.43.
“In addition to the strong operating results in the fiscal first quarter, we closed the Core-Mark acquisition and welcomed their 8,000 associates to the PFG family of companies,"Holm said. "The integration of that business is already ahead of schedule, and we had several important strategic wins within the first few weeks of owning the business.
"We have high expectations for Core-Mark and the value the transaction can create for PFG," he added. "The early results are very encouraging. Our business is operating from a position of strength and we believe we have the footprint and scale to be successful in the years ahead.”
Total case volume included Core-Mark and a 21.1% increase in independent cases. Excluding the impact of the Core-Mark acquisition, organic case volume increased 17.8% in the first quarter of fiscal 2022 compared to the prior year period.
