US Foods Holding stock hit an all-time high Friday on a report that the firm was mulling an acquisition of Performance Food Group, whose shares also jumped to a record high. https://t.co/NYMocXYamB ...

智通财经APP获悉，据知情人士透露，Performance Food Group 公司(PFGC.US)已吸引了美国食品控股公 司(USFD.US)的收购意向。若该交易达成，将形成一家总销售额将接近 1000 亿美元的食品分销公司。 得益于该消息，截至发稿，Performance Food盘前上涨近8%。 据相关人士透露，总部位于伊利诺伊州罗斯蒙特的美国食品公司一直在评估对"性能食品"公司的收购事 宜，并在近几个月表达了对可能进行的合并合作的意向。这些人士要求不具名，因为相关信息属于保密 范畴。 美国食品控股公司的股票在过去 12 个月里上涨了超过 50%，使该公司市值达到 186 亿美元。而 Performance Food的市值为 141 亿美元。美国食品控股公司为餐馆、医院、学校和酒店提供食品服务， 去年的营收达 379 亿美元。据其网站信息，该公司在超过 70 个地点拥有约 3 万名员工。 Performance Food在美国和加拿大也提供类似的服务，其业务覆盖三个部门：餐饮供应商"Performance Foodservice"、糖果和零食分销商"Vistar"及其面向便利店的"Core-Mark ...

Industry Overview - The Zacks Natural Foods Products industry is facing a challenging macroeconomic environment characterized by persistent inflation and reduced consumer spending, leading to pressure on profit margins due to rising input costs and operational expenses [1][4][5] - The industry includes companies that manufacture and sell a variety of organic and natural food products, including fruits, vegetables, dairy, meat, seafood, and packaged meals, primarily through wholesalers, retailers, and e-commerce [3] Key Trends - There is a notable shift towards healthier eating habits, with consumers increasingly seeking nutritious and organic food options, which is driving demand for fresh products [6] - Companies are adapting to the tough market landscape by emphasizing value-focused marketing and expanding their product lines to include more affordable options [4][5] Performance Metrics - The Zacks Natural Foods Products industry has outperformed the broader Zacks Retail - Wholesale sector and the S&P 500 over the past year, with a growth of 64.7% compared to 17.3% and 12.3% respectively [10] - The industry is currently trading at a forward 12-month price-to-earnings (P/E) ratio of 20.02X, lower than the S&P 500's 22.63X and the sector's 24.98X [13] Company Highlights - Sprouts Farmers Market, Inc. (SFM) is focusing on product innovation, e-commerce, and competitive pricing, with a consensus estimate for current fiscal year earnings per share (EPS) at $5.08 and a stock gain of 96.6% over the past year [14][15] - Performance Food Group Company (PFGC) is capitalizing on its position in the food-away-from-home industry, with a current fiscal year EPS estimate of $4.36 and a stock gain of 40.1% in the past year [18][19]

Core Insights - True value in investments is derived from growth rather than short-term gains, emphasizing a long-term perspective on evaluation [1] - Great businesses provide significant societal value and exhibit durability, deserving growth proportional to their superiority [1] - Key characteristics sought in businesses include selection, convenience, value, and durability, with a preference for non-cyclical operations [1] Business Characteristics - The ability to create superior products and services that outperform competitors is crucial [1] - Multiple revenue streams and anti-fragile business structures are preferred, indicating resilience in adverse conditions [1] - Uniqueness is identified as the primary driver of value, with low maintenance costs allowing for high reinvestment potential [1] Management and Strategy - Trust and network effects are important indicators of business durability [1] - Management quality is critical, with a preference for executives who have aligned interests and a strong focus on the business [1] - Successful companies, like Amazon, demonstrate that a customer-centric approach can yield extraordinary returns [1] Investment Timing and Strategy - The optimal time for investment is when negative news is already known, revealing true value [1] - Companies that can maintain stability during layoffs and do not need to chase talent are seen as more valuable [1] - Price movements are influenced by expectations and surprises, with interest in companies that have negative factors priced in but positive aspects underestimated [1]

Performance Food Group Company (PFGC) 2025 Investor Day May 28, 2025 09:00 AM ET Speaker0 Good morning, and thank you for joining PFG's twenty twenty five Investor Day. I'm Bill Marshall, Senior Vice President of Investor Relations. We have a great lineup of presentations for you today. But before, we get started, a few remarks and housekeeping items. Our program will run for about three hours, which includes plenty of time for questions following our prepared remarks. We will try to address as many questio ...

INVESTOR DAY 2025 BILL MARSHALL Senior Vice President, Investor Relations 1 Welcome & Introduction | Bill Marshall | SVP, Investor Relations AGENDA 2 Strategic Roadmap to Success | George Holm | Chairman & CEO 3 Strategy and M&A | Liz Mountjoy | SVP, Strategy & M&A 4 Differentiated Value Proposition| Scott McPherson | President & COO 5 People & Culture | Erika Davis | EVP & CHRO 6 Operational Excellence | Scott McPherson | President & COO 7 Financial Overview | Patrick Hatcher | EVP & CFO 8 Q&A Session Feed ...

[Special Note Regarding Forward-Looking Statements](index=4&type=section&id=Special%20Note%20Regarding%20Forward-Looking%20Statements) This report contains forward-looking statements subject to risks and uncertainties, including economic factors, supplier reliance, competition, and acquisition-related risks - This report contains forward-looking statements subject to risks and uncertainties, including **economic factors, supplier reliance, competition, cost inflation**, and risks related to **acquisitions** like Cheney Brothers Acquisition[8](index=8&type=chunk)[9](index=9&type=chunk)[12](index=12&type=chunk) [PART I - FINANCIAL INFORMATION](index=6&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) This section presents unaudited consolidated financial statements, reflecting increased assets and liabilities from the Cheney Brothers acquisition, with higher sales but lower net income due to increased expenses Consolidated Balance Sheet Highlights (Unaudited) | (In millions) | March 29, 2025 | June 29, 2024 | | :--- | :--- | :--- | | Total current assets | $6,788.8 | $6,153.3 | | Goodwill | $3,455.2 | $2,418.3 | | Total assets | $17,123.4 | $13,392.9 | | Total current liabilities | $4,207.1 | $3,758.1 | | Long-term debt | $5,422.7 | $3,198.5 | | Total liabilities | $12,785.9 | $9,266.0 | | Total shareholders' equity | $4,337.5 | $4,126.9 | Consolidated Statements of Operations Highlights (Unaudited) | (In millions, except per share data) | Three Months Ended Mar 29, 2025 | Three Months Ended Mar 30, 2024 | Nine Months Ended Mar 29, 2025 | Nine Months Ended Mar 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net sales | $15,306.3 | $13,857.7 | $46,360.0 | $43,092.0 | | Gross profit | $1,822.4 | $1,568.9 | $5,414.4 | $4,829.9 | | Operating profit | $174.4 | $154.9 | $548.5 | $545.0 | | Net income | $58.3 | $70.4 | $208.7 | $269.4 | | Diluted EPS | $0.37 | $0.45 | $1.34 | $1.72 | Consolidated Statements of Cash Flows Highlights (Unaudited) | (In millions) | Nine Months Ended Mar 29, 2025 | Nine Months Ended Mar 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $827.1 | $956.7 | | Net cash used in investing activities | ($2,875.1) | ($533.0) | | Net cash provided by (used in) financing activities | $2,038.6 | ($419.6) | | Net (decrease) increase in cash | ($9.4) | $4.1 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The Cheney Brothers acquisition significantly impacted financial performance, driving sales growth but reducing net income due to higher expenses, while the company also amended its credit facility and issued new senior notes [Business Overview and Key Factors](index=29&type=section&id=Business%20Overview%20and%20Key%20Factors) Performance Food Group, a major North American food distributor, reorganized segments and acquired Cheney Bros., with its business influenced by macroeconomic trends and supply chain dynamics - The company **acquired Cheney Bros., Inc. on October 8, 2024**, expanding Foodservice operations in the Southeastern U.S[94](index=94&type=chunk) - In Q3 fiscal 2025, the company **reorganized its operating segments**, moving certain operations and costs to the Foodservice segment, with prior period data recast[92](index=92&type=chunk) [Consolidated Results of Operations](index=33&type=section&id=Consolidated%20Results%20of%20Operations) Q3 FY2025 saw net sales increase by 10.5% to **$15.3 billion** and gross profit by 16.2% to **$1.8 billion**, but net income declined 17.2% to **$58.3 million** due to higher expenses, while Adjusted EBITDA rose 20.1% to **$385.1 million** Q3 FY2025 vs Q3 FY2024 Consolidated Performance | Metric (In millions) | Q3 FY2025 | Q3 FY2024 | Change (%) | | :--- | :--- | :--- | :--- | | Net Sales | $15,306.3 | $13,857.7 | +10.5% | | Gross Profit | $1,822.4 | $1,568.9 | +16.2% | | Operating Expenses | $1,648.0 | $1,414.0 | +16.5% | | Net Income | $58.3 | $70.4 | -17.2% | | Adjusted EBITDA | $385.1 | $320.7 | +20.1% | - Net sales growth was driven by **recent acquisitions (including Cheney Brothers)**, a **10.0% increase in total case volume**, and approximately **4.9% product cost inflation** in Q3 FY2025[113](index=113&type=chunk)[114](index=114&type=chunk) - Net income declined primarily due to **increased operating expenses, depreciation, amortization, and interest expense** related to recent acquisitions[118](index=118&type=chunk) [Segment Results](index=37&type=section&id=Segment%20Results) Foodservice segment led growth with a 19.2% sales increase driven by the Cheney Brothers acquisition, while Convenience and Specialty segments showed modest sales changes but improved Adjusted EBITDA Foodservice Segment Performance (Q3 FY2025 vs Q3 FY2024) | Metric (In millions) | Q3 FY2025 | Q3 FY2024 | Change (%) | | :--- | :--- | :--- | :--- | | Net Sales | $8,374.5 | $7,023.0 | +19.2% | | Adjusted EBITDA | $275.0 | $213.2 | +29.0% | - The **Cheney Brothers acquisition contributed $931.2 million to Foodservice net sales** in Q3 FY2025, with organic independent case growth at **3.4%**[124](index=124&type=chunk) Specialty Segment Performance (Q3 FY2025 vs Q3 FY2024) | Metric (In millions) | Q3 FY2025 | Q3 FY2024 | Change (%) | | :--- | :--- | :--- | :--- | | Net Sales | $1,131.2 | $1,133.8 | -0.2% | | Adjusted EBITDA | $77.9 | $72.9 | +6.9% | Convenience Segment Performance (Q3 FY2025 vs Q3 FY2024) | Metric (In millions) | Q3 FY2025 | Q3 FY2024 | Change (%) | | :--- | :--- | :--- | :--- | | Net Sales | $5,740.0 | $5,640.1 | +1.8% | | Adjusted EBITDA | $74.7 | $70.9 | +5.4% | [Liquidity and Capital Resources](index=41&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity was impacted by financing the Cheney Brothers acquisition through an amended $5.0 billion ABL Facility and $1.0 billion in new senior notes, leading to decreased operating cash flow and increased investing cash outflow - On September 9, 2024, the company **amended its credit agreement**, increasing the ABL Facility from **$4.0 billion to $5.0 billion** and extending maturity to September 9, 2029[155](index=155&type=chunk) - On September 12, 2024, the company **issued $1.0 billion of 6.125% Senior Notes due 2032** to help finance the Cheney Brothers acquisition[52](index=52&type=chunk)[168](index=168&type=chunk) Cash Flow Summary (Nine Months Ended) | (In millions) | March 29, 2025 | March 30, 2024 | | :--- | :--- | :--- | | Net cash from operating activities | $827.1 | $956.7 | | Net cash used in investing activities | ($2,875.1) | ($533.0) | | Net cash from (used in) financing activities | $2,038.6 | ($419.6) | - The company **repurchased 0.6 million shares for $44.2 million** during the nine months ended March 29, 2025, with approximately **$166.4 million remaining** under the share repurchase program[145](index=145&type=chunk)[146](index=146&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risks are interest rate and fuel price fluctuations, with increased variable-rate debt exposure from the Cheney Brothers Acquisition potentially raising annual interest expense by **$22.4 million** for a 100 basis point SOFR increase - The company's **variable-rate debt increased** due to the Cheney Brothers Acquisition[182](index=182&type=chunk) - A hypothetical **100 basis point increase in SOFR** on approximately **$2.2 billion of variable-rate debt** would increase annual interest expense by about **$22.4 million**[183](index=183&type=chunk) [Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective as of March 29, 2025, with no material changes to internal control over financial reporting, excluding the recently acquired Cheney Brothers - The Principal Executive Officer and Principal Financial Officer concluded that the Company's **disclosure controls and procedures were effective** as of March 29, 2025[185](index=185&type=chunk) - The internal control evaluation for the quarter **excluded Cheney Brothers**, acquired on October 8, 2024[187](index=187&type=chunk) [PART II - OTHER INFORMATION](index=37&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in JUUL litigation, with an MDL settlement releasing subsidiaries, but an ongoing Illinois state lawsuit has a trial date of October 6, 2025, with JUUL providing defense and indemnification - A **settlement in the JUUL Multidistrict Litigation (MDL)** has released the company's subsidiaries, Core-Mark and Eby-Brown, from claims[74](index=74&type=chunk) - A separate lawsuit against the company's subsidiaries regarding JUUL products is ongoing in Illinois state court, with a **trial date of October 6, 2025**, and JUUL is providing defense and indemnification[75](index=75&type=chunk) [Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's principal risk factors were reported since the last Annual Report on Form 10-K - No **material changes to principal risk factors** were reported since the last Form 10-K filing[190](index=190&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q3 FY2025, the company repurchased **138,335 shares for $10.6 million**, with **$166.4 million remaining** under the **$300 million** share repurchase authorization expiring November 2026 Share Repurchases (Q3 FY2025) | Period | Total Shares Purchased | Average Price Paid | Shares Purchased as Part of Plan | | :--- | :--- | :--- | :--- | | Dec 29, 2024 – Mar 29, 2025 | 154,817 | $77.91 | 138,335 | - As of March 29, 2025, approximately **$166.4 million remained available** for share repurchases under the authorized plan[193](index=193&type=chunk) [Defaults Upon Senior Securities](index=37&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported during the period - None[194](index=194&type=chunk) [Mine Safety Disclosures](index=37&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[195](index=195&type=chunk) [Other Information](index=38&type=section&id=Item%205.%20Other%20Information) Several executive officers adopted Rule 10b5-1 trading plans for future sale of company securities during Q3 FY2025 - Several directors and Section 16 officers, including the **CFO, Chief Development Officer, and General Counsel**, adopted Rule 10b5-1 trading plans during the quarter ended March 29, 2025[196](index=196&type=chunk) [Exhibits](index=39&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL data files - Exhibits filed include **CEO/CFO certifications** under Sarbanes-Oxley Sections 302 and 906, and **Inline XBRL documents**[197](index=197&type=chunk)

Core Insights - Performance Food Group (PFGC) reported revenue of $15.31 billion for the quarter ended March 2025, reflecting a year-over-year increase of 10.5% [1] - The earnings per share (EPS) for the same period was $0.79, slightly down from $0.80 a year ago [1] - The reported revenue was a surprise of -0.73% compared to the Zacks Consensus Estimate of $15.42 billion, while the EPS fell short by -8.14% against the consensus estimate of $0.86 [1] Revenue Breakdown - Revenue from Convenience was $5.74 billion, slightly above the estimated $5.73 billion [4] - Revenue from Intersegment Eliminations was reported at -$160.90 million, better than the average estimate of -$176.98 million [4] - Revenue from Corporate & All Other was $221.50 million, below the average estimate of $247.51 million [4] - Foodservice revenue was $8.37 billion, slightly below the average estimate of $8.40 billion [4] Stock Performance - Performance Food's shares have returned +12.9% over the past month, outperforming the Zacks S&P 500 composite's +10.6% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - Total net sales grew by 10.5% in Q3 2025, driven by acquisitions and volume growth [24] - Adjusted EBITDA increased by 20.1% to $385.1 million, with net income reported at $58.3 million [27] - Total company cost inflation was approximately 4.9%, with foodservice product cost inflation at 3.7% [25][26] Business Line Data and Key Metrics Changes - Foodservice segment saw organic independent case growth of 3.4% for the full third quarter, with a rebound to 6% in April [13][24] - Chain restaurant business grew cases by 1.5%, supported by new business onboarding [14] - Convenience segment volume grew by approximately 1%, outperforming the industry, while Specialty segment net sales were roughly flat [18][19] Market Data and Key Metrics Changes - The macroeconomic environment remains challenging, with consumer performance described as muted [5][10] - Despite challenges, the company gained market share across all three segments [20] - Inflation rates in foodservice are considered manageable, with ongoing monitoring of commodity prices [15][25] Company Strategy and Development Direction - The company aims to capture growth through a diversified food distribution strategy, focusing on both top and bottom line growth [7] - Strategic priorities include leveraging proprietary brands and procurement synergies to expand gross margins [12] - The company plans to discuss its long-term strategy at the upcoming Investor Day [7][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current economic landscape and capture market share [10][31] - The company remains cautious about the macro environment but optimistic about recent sales trends [49][50] - Future guidance reflects a conservative approach due to competitive pressures and economic uncertainty [30][31] Other Important Information - The Specialty segment was renamed to align with the company's naming conventions, with no operational changes [21] - The company has a robust M&A pipeline and continues to evaluate strategic acquisition opportunities [30][29] Q&A Session Summary Question: Insights on consumer demand and behavior - Management noted that independent case volume was strong at the beginning of the quarter but faced setbacks in February due to weather and economic uncertainty [36][39] Question: Outlook on food inflation - Management indicated that food inflation is expected to remain in the mid-single digits, with minimal impact from tariffs [41][44] Question: Trends in organic independent case growth - Management acknowledged a robust recovery in April but emphasized caution due to calendar differences and market conditions [48][50] Question: Changes in competition and market share - Management observed increased competition in the industry, particularly among smaller competitors, but noted that larger distributors are gaining market share [81] Question: Margin expectations for Q4 - Management expects minimal EBITDA margin expansion in Q4, influenced by strong prior year comparisons and ongoing productivity measures [98][100]

Core Viewpoint - Performance Food Group (PFGC) reported quarterly earnings of $0.79 per share, missing the Zacks Consensus Estimate of $0.86 per share, and showing a decline from $0.80 per share a year ago, indicating an earnings surprise of -8.14% [1][2] Financial Performance - The company posted revenues of $15.31 billion for the quarter ended March 2025, which was 0.73% below the Zacks Consensus Estimate, compared to $13.86 billion in the same quarter last year [2] - Over the last four quarters, Performance Food has surpassed consensus EPS estimates only once [2] Stock Performance - Performance Food shares have decreased by approximately 4.1% since the beginning of the year, while the S&P 500 has declined by 4.7% [3] Future Outlook - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the upcoming quarter is $1.56 on revenues of $16.86 billion, and for the current fiscal year, it is $4.55 on revenues of $63.33 billion [7] Industry Context - The Food - Natural Foods Products industry, to which Performance Food belongs, is currently ranked in the top 14% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% of industries [8]