Performance Food Group (PFGC) Tops Q4 EPS by $1.11, Revenues Beat

Performance Food Group (NYSE: PFGC) reported Q4 EPS of $0.86, $1.11 better than the analyst estimate of ($0.25). Revenue for the quarter came in at $5.8 billion versus the consensus estimate of $5.43 billion.

Fourth-Quarter Fiscal 2020 Highlights

• Total case volume declined 11.5%
• Net sales declined 2.1% to $5.8 billion
• Gross profit declined 8.7% to $639.1 million
• Net loss of $151.2 million
• Adjusted EBITDA declined 97.6% to $3.8 million1
• Diluted loss per share of $1.19
• Adjusted Diluted loss per share of $0.861

“Fiscal 2020 has been one of the most dynamic years in PFG’s history,” said George Holm, PFG’s Chairman, President & Chief Executive Officer. “We started the year by announcing the acquisition of Reinhart, which closed in late December. We are extremely pleased with this transaction and the integration of Reinhart continues to progress well.

“While our fiscal fourth quarter was challenging, I am pleased with our business recovery and momentum. Our weekly sales trends have improved significantly from the March lows and we are seeing notable market share gains in many of our key markets. Our business is in a strong financial position due to working capital management and capital market activity. By continuing to focus on our customer relationships and high levels of service while managing our cost base and cash flow, I believe we will be a stronger organization when we emerge from these difficult times.”

Fiscal 2021 Outlook

Due to the continued macroeconomic environment uncertainty relating to the COVID-19 pandemic, PFG will not be providing fiscal 2021 financial guidance at this time.

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

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