Performance Food Group lifts Q1 2024 results, Vistar leads other segments

Performance Food Group Inc., which owns Vistar Corp., a nationwide vending product warehouse distributor, lifted its Q1 2024 sales and earnings over the prior year period, with Vistar performance topping foodservice and convenience, according to an earnings report.

Highlights include:

• Net sales grew 1.5% from $14.7 billion in Q1 2023 to $14.9 billion in the quarter ending Sept. 30, 3034. The increase was primarily attributable to an increase in cases sold, partially offset by a decrease in selling price per case as a result of 2.3% deflation in the foodservice segment.
• Net income grew 26.1% from $95.7 million to $120.7 million in the comparative quarters. The increase was primarily a result of the $25 million increase in operating profit.
• EPS increased 24.2% from 62 cents to 77 cents on a diluted basis and from 62 cents to 78 cents on a basic basis.
• Adjusted diluted EPS increased 6.5% to $1.15.
• Vistar sales rose 14.7% from $1.09 billion to $1.25 billion.
• Foodservice sales fell 0.7% from $7.33 billion to $7.28 billion.
• Convenience sales rose 0.8% from $6.29 billion to $6.34 billion.

Shares traded today at $60.80 against a 52-week range of $59.95 to $64.34.

"Foodservice continues to pick up market share in the independent restaurant segment," George Holm, chairman and CEO, said in a press release. "Vistar accelerated its growth in new lines of business, producing outstanding sales and profit growth."

For the fiscal second quarter of 2024, the company expects net sales to be in a range of $14 billion to $14.3 billion and adjusted EBITDA to be in a range of $325 million to $345 million.