Performance Food Group (PFGC) Tops Q1 EPS by 2c, Beats on Revenues; Offers FY18 EPS Outlook

Performance Food Group (NYSE: PFGC) reported Q1 EPS of $0.27, $0.02 better than the analyst estimate of $0.25. Revenue for the quarter came in at $4.4 billion versus the consensus estimate of $4.37 billion.

Fiscal 2018 Outlook

For fiscal 2018, PFG reaffirms its Adjusted EBITDA growth to be in a range of 8% to 11% over its fiscal 2017 Adjusted EBITDA of $390.7 million. The company expects to be at the higher end of the fiscal 2018 Adjusted EBITDA range, which reflects expected first-half growth in the mid-teens and expected second-half growth in the high single digits.

PFG also reaffirms it expects fiscal 2018 Adjusted Diluted EPS to grow in a range of 13% to 18% to $1.40 to $1.46 over its fiscal 2017 Adjusted Diluted EPS of $1.24.

First-Quarter Fiscal 2018 Highlights

• Case volume grew by 3.5%
• Net sales increased 7.9% to $4.4 billion
• Gross profit improved by 8.5% to $554.7 million
• Net income was up 85.2% to $22.6 million
• Adjusted EBITDA grew by 19.3% to $90.7 million1
• Diluted earnings per share (EPS) increased 83.3% to $0.22
• Adjusted Diluted EPS increased 35.0% to $0.271

GUIDANCE:

Performance Food Group sees FY2018 EPS of $1.40-$1.46, versus the consensus of $1.43.

For earnings history and earnings-related data on Performance Food Group (PFGC) click here.

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