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Performance Food Group withdraws 2020 outlook due to coronavirus pandemic

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March 23, 2020

Due to the evolving and unprecedented impact of the novel coronavirus pandemic on the global economy, Performance Food Group, parent company of Vistar, has withdrawn its full year outlook for 2020, according to a press release.

The company previously reaffirmed its fiscal 2020 adjusted EBITDA growth outlook, which included expected contributions from Eby-Brown Company, LLC and Reinhart Foodservice, LLC to be in a range of 27% to 33% over its fiscal 2019 adjusted EBITDA of $475.5 million. Adjusted EBITDA — excluding the contribution from Reinhart, but including Eby-Brown — was still expected to grow in a range of 13% to 16%. The company also expected its fiscal 2020 adjusted diluted earnings per share to be in a range of $2.17 to $2.28 representing a growth rate of 2% to 7% over its fiscal 2019 adjusted diluted EPS of $2.13.

"We are closely monitoring the current market and positioning our business for the long term as all of us in the country are responding to the threat of COVID-19,” said George Holm, PFG chairman, president and CEO, in the release. “We continue to assess additional customer opportunities to leverage our scale and assets. Furthermore, while the full impact of COVID-19 is currently unknown, we are confident that we have ample liquidity under our debt facilities even if conditions continue to worsen."

"PFG's full year 2020 outlook was based on information available at such time, and through the beginning of March, we were on track to meet our previously disclosed and affirmed expectations,” he said. “However, as the macroeconomic environment has deteriorated, we have decided to withdraw our full year 2020 outlook. We plan to provide additional information on our third quarter earnings call based on the information available at that time on May 6, 2020."

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