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Performance Food Group Company (NYSE:PFGC) reported Q1 FY24 sales growth of 1.5% Y/Y to $14.94 billion, marginally missing the consensus of $14.96 billion.
Adjusted EPS increased 6.5% Y/Y to $1.15, beating the consensus of $1.09.
"Our organization had an excellent start to fiscal 2024, closing the first quarter with strong sales and profit momentum," said George Holm, PFG's Chairman and Chief Executive Officer.
The increase in net sales was primarily attributable to an increase in cases sold, partially offset by a decrease in selling price per case.
Quarterly net income increased 26.1% to $120.7 million, while adjusted EBITDA increased 8.2% to $383.8 million.
Gross profit for the first quarter grew 5.6% to $1.7 billion, primarily attributable to cost of goods sold optimization through procurement efficiencies and increase in cases sold, including growth in the independent channel.
Operating cash flow was $87.1 million, while the company had a free cash flow of $33.9 million.
"Foodservice continues to pick up market share in the independent restaurant segment. Vistar accelerated its growth in new lines of business, producing outstanding sales and profit growth," Holm added.
In Q1, the company repurchased 0.5 million shares of common stock under its existing $300 million share repurchase program. As of October 28, 2023, approximately $232.8 million remained available for additional share repurchases.
Outlook: For Q2, PFG expects net sales to be $14 billion-$14.3 billion versus the estimate of $14.4 billion. PFG expects Q2 Adjusted EBITDA of $325 million-$345 million.
For FY24, PFG continues to expect net sales of $59 billion-$60 billion versus the $59.43 billion estimate. PFG now expects FY24 Adjusted EBITDA to be at the upper end of the previously announced $1.45 billion-$1.5 billion range.
Also, PFG reiterated its 3-year net sales and Adjusted EBITDA targets. The company continues to expect to achieve annual net sales of $62 billion-$64 billion and Adjusted EBITDA of $1.5 billion-$1.7 billion in fiscal 2025.
Price Action: PFGC shares are trading lower by 0.78% at $60 on the last check Wednesday.
Posted In: PFGC
