Why Performance Food Shares Are Gaining Today
Portfolio Pulse from Lekha Gupta
Performance Food Group Co (PFGC) reported Q4 FY23 sales growth of 1.9% Y/Y to $14.87 billion, missing the consensus of $15.07 billion. Net sales for Foodservice decreased 1.1% Y/Y, Vistar increased 18.3% Y/Y, and Convenience rose 2.3% Y/Y. Gross profit increased 12.0% Y/Y to $1.7 billion. The company bought back shares worth $11.2 million in Q4. PFGC expects Q1 FY24 net sales of $14.7 billion-$15.0 billion and adjusted EBITDA of $360 million-$380 million. PFGC shares are trading higher by 8.2% at $62.19.
August 16, 2023 | 3:40 pm
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Performance Food Group Co (PFGC) reported lower than expected Q4 FY23 sales but shares are trading higher.
Despite missing the consensus for Q4 FY23 sales, PFGC shares are trading higher. This could be due to the company's positive outlook for Q1 FY24 and the fact that it bought back shares worth $11.2 million in Q4.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100