Performance Food Group (NYSE: PFGC) reported Q2 EPS of $0.46, $0.06 better than the analyst estimate of $0.40. Revenue for the quarter came in at $4.6 billion versus the consensus estimate of $4.5 billion.

Second-Quarter Fiscal 2019 Highlights

• Total case volume grew 5.5%
• Net sales increased 7.1% to $4.6 billion
• Gross profit improved 8.3% to $614.6 million
• Net income declined 44.7% to $43.1 million primarily due to the prior year impact of the Tax Cuts and Jobs Act
• Adjusted EBITDA increased 11.3% to $116.9 million1
• Diluted Earnings Per Share (“EPS”) decreased 45.3% to $0.41
• Adjusted diluted EPS increased 15.0% to $0.461

First-Half Fiscal 2019 Highlights

• Total case volume grew 4.6%
• Net sales increased 5.5% to $9.2 billion
• Gross profit improved 7.7% to $1.2 billion
• Net income declined 29.1% to $71.3 million
• Adjusted EBITDA increased 8.5% to $212.4 million1
• Diluted EPS decreased 29.2% to $0.68
• Adjusted diluted EPS increased 19.4 % to $0.80 1

“Our second quarter results were strong driven by Vistar’s robust top-line results,” said George Holm, PFG’s Chairman, President & Chief Executive Officer. “Vistar is having an outstanding year and grew its EBITDA by over 30% in the second quarter. We are also pleased to have experienced sequential improvement in our Foodservice segment as our strategic investments continue to be on track to support our long-term growth objectives. We are on track for another year of strong growth across our Company."

Fiscal 2019 Outlook

For fiscal 2019, PFG reaffirms its Adjusted EBITDA growth to be in a range of 7% to 10% over its fiscal 2018 Adjusted EBITDA of $426.71 million. The Company continues to expect that the 7% to 10% Adjusted EBITDA growth for fiscal 2019 will reflect second half Adjusted EBITDA growth to be in the high single- to low double-digit range.

PFG also reaffirms fiscal 2019 Adjusted Diluted EPS to grow in a range of 10% to 16% over its fiscal 2018 Adjusted Diluted EPS of $1.541.

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