Performance Food Group Company reports second quarter 2019 results

Vistar delivers double-digit sales growth and strong cash flow; reaffirms 2019 full-year fiscal outlook.

COMPANY FINANCIAL RELEASE — Performance Food Group Company (“PFG”) announced its second-quarter and first-half fiscal 2019 business results.

“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.”

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 million
• 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 million
• Diluted EPS decreased 29.2% to $0.68
• Adjusted diluted EPS increased 19.4 % to $0.80

To view full release and financial information, click here.