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Performance Food Group Reports Q4 And FY 2016 Results: Net Sales Up; Vistar Moves Cases

by PFG Press Release
Posted On: 8/26/2016

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TAGS: Performance Food Group Co., PFG, NYSE: PFGC. PFG fourth-quarter, Performance Food Group full-year fiscal 2016, Vistar, vending, George Holm

PRESS RELEASE

Source: Performance Food Group Co. | Released Aug. 17, 2016

Continued momentum in independent restaurants, margin expansion, and operating cash flows

RICHMOND, Va., August 17--(BUSINESS WIRE)-- Performance Food Group Co. ("PFG") (NYSE: PFGC) today announced its fourth-quarter and full-year fiscal 2016 business results. [Editor's note: PFG is the parent company of vend product distributor Vistar.]

"We generated solid fourth-quarter results and ended the year with strong independent case growth of 9.0%," said George Holm, PFGs president and chief executive. "Our strong top-line growth, combined with increased gross profit per case and strong operating expense management, led to profitability at the high end of our expectations for the year. Our team executed well on our fiscal 2016 strategic initiatives," noted Holm. "I'm very excited about providing distribution solutions to Red Lobster beginning this week. Our customer-centric business model and motivated sales force provide us meaningful opportunities to continue gaining share and growing profits in fiscal 2017."

Fourth-Quarter Fiscal 2016 Highlights

» Case volume increased 14.0%; up 5.8% after adjusting for the extra week.

» Net sales increased 9.8% to $4.4 billion; up 1.9% after adjusting for the extra week.

» Gross profit increased 14.6% to $561.3 million; up 6.4% after adjusting for the extra week.

» Net income decreased 14.6% to $29.2 million; prior year reflects a one-time $25.0 million fee related to the terminated agreement to acquire 11 US Foods facilities as a part of the proposed merger of Sysco and US Foods.

» Adjusted EBITDA increased 11.9% to $114.7 million; up 3.9% after adjusting for the extra week.

» Diluted earnings per share (EPS) decreased by 25.6% to $0.29.

» Adjusted Diluted EPS increased by 5.6% to $0.382.

Full-Year Fiscal 2016 Highlights

» Case volume increased 7.0%; up 4.8% after adjusting for the extra week.

» Net sales increased 5.5% to $16.1 billion; up 3.4% after adjusting for the extra week.

» Gross profit increased 8.7% to $2.0 billion; up 6.6% after adjusting for the extra week.

» Net income increased 20.9% to $68.3 million.

» Adjusted EBITDA increased 11.6% to $366.6 million; up 9.1% after adjusting for the extra week.

» Diluted EPS increased 9.4% to $0.70.

» Adjusted diluted EPS increased 23.5% to $1.00.

Click here to see Performance Food Group Co.'s full fourth-quarter and full-year fiscal 2016 business results.


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