Performance Food Group (NYSE: PFGC) reported Q3 EPS of $0.58, $0.36 better than the analyst estimate of $0.22. Revenue for the quarter came in at $7 billion versus the consensus estimate of $7.11 billion.

Third-Quarter Fiscal 2020 Highlights

• Total case volume grew 26.4%
• Net sales increased 49.3% to $7.0 billion
• Gross profit improved 33.5% to $807.5 million
• Net loss of $40.2 million
• Adjusted EBITDA increased 23.6% to $131.1 million1
• Diluted loss per share $0.35
• Adjusted Diluted Earnings Per Share (“EPS”) increased 38.1% to $0.581

“The COVID-19 pandemic has brought unique challenges to our industry and Company,” said George Holm, PFG’s Chairman, President & Chief Executive Officer, “and I am very proud of how our associates have responded. PFG is committed to keeping our associates safe and taking actions to support the customers and communities we serve while positioning our business to weather today’s environment and emerge on a strong financial and business footing. We have raised additional capital in both the equity and debt markets to fortify our balance sheet. Our confidence in our current liquidity position allows us to focus our attention on helping our customers and improving our market position for the long term. This is supported by our acquisition of Eby-Brown last year, which puts us in a strong position in the convenience store channel, and the integration of Reinhart, which has continued to progress nicely. While there are still challenges in the days ahead, we are encouraged that since the beginning of the COVID-19 pandemic, the week of March 22 has represented the low point in our weekly sales level.”

Fiscal 2020 Outlook

Through the beginning of March, PFG was on track to meet the previously disclosed and affirmed expectations for fiscal 2020. However, on March 19, 2020, PFG withdrew its guidance for fiscal 2020 as the macroeconomic environment deteriorated.

However, the Company expects the following for fiscal 2020:

• Interest expense in a range of approximately $115 million to $120 million;
• An effective tax rate on operations of approximately 30%;
• Capital expenditures between $150 million and $180 million, with depreciation in a range of $160 million to $170 million and amortization in a range of $90 million and $100 million.

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