Performance Food Group Company announced unaudited consolidated earnings results for the fourth quarter and full year ended July 1, 2017. For the quarter, the company reported net sales of $4,428.9 million against $4,372.9 million a year ago. Operating profit was $81.4 million against $66.8 million a year ago. Income before taxes was $67.1 million against $48.7 million a year ago. Net income was $40.4 million or $0.39 diluted per share against $29.2 million or $0.29 basic and diluted per share a year ago. EBITDA was $115.0 million against $99.1 million a year ago. Adjusted EBITDA (Non-GAAP) was $131.5 million against $114.7 million a year ago. Adjusted diluted earnings per share (Non-GAAP) were $0.48 against $0.38 a year ago.

For the year, the company reported net sales of $16,761.8 million against $16,104.8 million a year ago. Operating profit was $211.0 million against $202.2 million a year ago. Income before taxes was $157.7 million against $114.5 million a year ago. Net income was $96.3 million or $0.93 diluted per share against $68.3 million or $0.70 diluted per share a year ago. Net cash provided by operating activities was $201.7 million against $235.8 million a year ago. Purchases of property, plant and equipment were $140.2 million against $119.7 million a year ago. EBITDA was $338.7 million against $317.0 million a year ago. Adjusted EBITDA (Non-GAAP) was $390.7 million against $366.6 million a year ago. Adjusted diluted earnings per share (Non-GAAP) were $1.24 against $1.00 a year ago. Net sales growth was driven by case growth in Performance Foodservice and Vistar.

The company provided earnings guidance for the first half, second half and full year of fiscal 2018. First- half fiscal 2018 growth is expected to reflect easier comparisons versus the first half of fiscal 2017 as the company laps its strategic investments in Customized and Vistar.

Second half Adjusted EBITDA growth is expected to be in the mid-single digit range.

For fiscal 2018, the company expects adjusted EBITDA growth to be in a range of 8% to 11% over its fiscal 2017 adjusted EBITDA of $390.7 million, will reflect first-half growth in the range of mid-to-high teens. The company 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. Interest expense in the range of approximately $55 million to $65 million and an effective tax rate on operations is of approximately 40%. The company also expects capital expenditures for fiscal 2018 will be between $160 million and $180 million, while depreciation and amortization is expected to be between $125 million to $135 million. The fiscal 2018 capital expenditures estimate is higher than fiscal 2017 because of the timing of certain projects.