Vending
Performance Food Group boosts Q4 and FY 2022 results; Vistar sales recover
August 17, 2022
Performance Food Group boosted its Q4 and FY revenue, with Vistar, the nationwide products distributor for vending and micro markets. improving sales as the impact of the coronavirus declines, according to an earnings report. Highlights include:
- Net sales grew 56.8% from $9.3 billion in Q4 2021 to $14.6 billion in the quarter ending July 3, 2022, primarily attributable to the acquisition of Core-Mark and an increase in selling price per case as a result of inflation, partially offset by the 53rd week in fiscal year 2021.
- The acquisition of Core-Mark contributed $4.6 billion of net sales for the fourth quarter of fiscal 2022. Overall product cost inflation for the company was approximately 13.6%. Net sales for the extra week in fiscal 2021 were approximately $664.6 million.
- Net income rose from $31.4 million to $76 million in the comparative quarters.
- Basic EPS rose from 24 cents to 50 cents in the comparative quarters, while diluted EPS rose from 23 cents to 49 cents.
- Adjusted diluted EPS (non-GAAP) rose 91.1% from 56 cents to $1.07 in the comparative quarters.
- For the full year, net sales rose from $30.4 billion to $50.9 billion, while net income rose from $40.7 million to $112.5 million.
- Basic EPS for the full year rose from 31 cents to 75 cents while diluted EPS rose from 30 cents to 74 cents.
- Adjusted diluted EPS (non-GAAP) rose 92.6% from $1.35 to $2.60 for the comparative years.
- Net sales for Vistar rose 29.4% from $800.5 million to $1 billion for the comparative quarters, driven by the declining adverse effects of the coronavirus pandemic.
- Net sales for the convenience channel rose 257.7% from $1.7 billion to $6.1 billion in the comparative quarters, primarily due to the acquisition of Core-Mark.
- Net sales for foodservice rose 9.1% from $6.8 billion to $7.4 billion in the comparative quarters, driven by an increase in selling price per case as a result of inflation.
Shares traded today at $53.01 against a 52-week range of $38.26-$58.13.
The quarterly revenue of $14.6 billion beat analyst expectations by $40 million while the non-GAAP EPS of $1.07 beat expectations by 3 cents, according to Seeking Alpha.
"PFG closed out fiscal 2022 in a position of strength, with strong net sales and profit growth," George Holm, PFG's chairman and CEO, said in the press release. "Vistar has seen solid progress, as several important channels continue to recover and provide a tailwind to our financial results. In convenience, we continue to bring on new accounts and win business through the strength of our combined organization."
For the fiscal first quarter of 2023, PFG expects net sales to be in a range of $14.2 billion to $14.5 billion and adjusted EBITDA to be in a range of $280 million to $300 million.
For the fiscal second quarter of 2023, PFG expects net sales to be in a range of $13.5 billion to $13.8 billion and adjusted EBITDA to be in a range of $245 million to $265 million.
For the full fiscal year 2023, PFG expects net sales to be in a range of $56 billion to $58 billion and adjusted EBITDA to be in a range of $1.15 billion to $1.25 billion.
