Performance Food Group Company Announces Unaudited Consolidated Financial Results for the Quarter Ended September 29, 2018; and Provides Earnings Guidance for the First Half, Second Half and Full Fiscal Year 2019
November 07, 2018 at 07:00 am EST
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Performance Food Group Company announced unaudited consolidated financial results for the quarter ended September 29, 2018. For the quarter, the company reported net sales of $4,539.7 million against $4,364.9 million a year ago. Operating profit was $50.6 million against $50.5 million a year ago. Income before taxes was $35.2 million against $36.2 million a year ago. Net income was $28.2 million against $22.6 million a year ago. Earnings per common share: basic and diluted were $0.27 against $0.22 a year ago. Net cash provided by operating activities was $32.3 million against $16.0 million a year ago. Purchases of property, plant and equipment was $25.0 million against $16.5 million a year ago. EBITDA was $86.3 million against $82.2 million a year ago. Adjusted EBITDA was $95.5 million against $90.7 million a year ago. Adjusted Diluted Earnings per Share were $0.34 against $0.27 a year ago.
The company also provided earnings guidance for the first half, second half and full fiscal year 2019. For the full fiscal year 2019, the company 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 expects that the 7% to 10% Adjusted EBITDA growth for fiscal 2019 will reflect first half growth in the mid single-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 the second half Adjusted EBITDA growth is expected to be in the high single- and low double-digit range.
For the first half of fiscal 2019 growth is expected to reflect strategic investments in sales, warehouse and delivery associates.
Performance Food Group Company is a food and foodservice distribution company. The Company operates through three segments: Foodservice, Vistar, and Convenience. The Foodservice segment markets and distributes food and food-related products to independent restaurants, chain restaurants, and other institutional food-away-from-home locations. The Vistar segment specializes in distributing candy, snacks, beverages, and other items nationally to vending, office coffee service, theater, retail, hospitality, and other channels. The Convenience segment distributes candy, snacks, beverages, cigarettes, other tobacco products, food and foodservice related products, and other items to convenience stores across North America. The Company, through its subsidiaries, markets and delivers food and related products to over 300,000 customer locations including independent and chain restaurants; businesses, schools and healthcare facilities; vending and office coffee service distributors; and others.
Performance Food Group Company Announces Unaudited Consolidated Financial Results for the Quarter Ended September 29, 2018; and Provides Earnings Guidance for the First Half, Second Half and Full Fiscal Year 2019