Performance Food Q4 Earnings Top Estimates - Performance Food Gr (NYSE:PFGC)

Performance Food Group Co PFGC reported fourth-quarter FY22 sales growth of 56.8% year-on-year to $14.59 billion, marginally beating the consensus of $14.56 billion.
Net sales for Foodservice increased 9.1% to $7.4 billion, and Vistar increased 29.4% to $1 billion.
Convenience net sales jumped 257.7% to $6.1 billion. The increase in net sales was primarily attributable to the acquisition of Core-Mark, which contributed $4.6 billion of net sales.
Operating expenses rose 35.6% to $1.3 billion.
Gross profit increased 40% Y/Y to $1.5 billion, with the margin contracting 120 basis points to 10.2%.
The operating margin was 1%, and operating income for the quarter rose 89.6% to $152.8 million.
The company held $11.6 million in cash and equivalents as of July 2, 2022. Net cash provided by operating activities for twelve months totaled $276.5 million.
Adjusted EBITDA increased 69% Y/Y to $357.1 million.
Adjusted EPS of $1.07 beat the analyst consensus of $1.04.
Outlook: Performance Food sees Q1 sales of $14.2 billion - $14.5 billion, versus the consensus of $14.27 billion.
For Q2, PFGC expects net sales of $13.5 billion - $13.8 billion.
It sees FY23 sales of $56 billion - $58 billion, against the consensus of $57.06 billion.
Price Action: PFGC shares are trading lower by 1.39% at $52.58 on the last check Wednesday.