shironosov In the summer of 2019, I believed that the Performance Food Group (NYSE:PFGC) was performing thanks to dealmaking. The food supplier was playing an active role as consolidator, and after numerous bolt-on deals, it pursued a larger acquisition, that of Reinhart. Since that acquisition, the company has pursued multiple more deals, accompanied by organic growth, all growing the business, also in quality and margins. This has yielded fair returns to investors as the company has grown into its valuati ...

Global Research and Evidence Lab 14 August 2024 First Read Performance Food Group Company What's The Initial View On 4Q'24 Results? PFGC's 4Q'24 adj EPS $1.45 vs. UBSe $1.35; cons. $1.37; Acquiring Cheney Bros Altogether, we think PFGC's 4Q results reflect its ability to take market share, despite the increasingly challenging macro backdrop. It guided in line to slightly above where we believe market expectations were for adjusted EBITDA for FY'25 (based on our conversations with investors). Still, we belie ...

Acquisition and Investments - The company entered into a definitive Stock Purchase Agreement to acquire Cheney Bros., Inc. for a transaction valued at $2.1 billion, subject to customary conditions and regulatory approvals[10]. - The Company paid $307.7 million for two acquisitions in fiscal year 2024, compared to $63.8 million for one acquisition in fiscal year 2023[256]. - The Company is in the process of acquiring Cheney Bros., Inc. for $2.1 billion, expected to be financed through borrowing and new senior unsecured notes[256]. - The total purchase price allocation for the two acquisitions in fiscal 2024 includes $22.5 million in net working capital and $116.4 million in goodwill[257]. - The Core-Mark acquisition, valued at $2.4 billion, resulted in net sales of $14.5 billion and a net loss of $17.6 million for the fiscal year ended July 2, 2022[261]. Financial Performance - Net sales for the fiscal year ended June 29, 2024, were $58,281.2 million, an increase of 1.8% from $57,254.7 million in the previous fiscal year[206]. - Gross profit for the fiscal year ended June 29, 2024, was $6,577.1 million, up from $6,254.9 million, reflecting a gross margin increase[206]. - Operating profit increased to $826.4 million for the fiscal year ended June 29, 2024, compared to $765.8 million in the prior year, indicating a growth of 7.9%[206]. - Net income for the fiscal year ended June 29, 2024, was $435.9 million, representing a 9.7% increase from $397.2 million in the previous year[207]. - Total assets as of June 29, 2024, were $13,392.9 million, up from $12,499.0 million as of July 1, 2023, showing a growth of 7.1%[205]. - Total liabilities increased to $9,266.0 million as of June 29, 2024, compared to $8,753.5 million in the prior year, reflecting a rise of 5.9%[205]. - Retained earnings rose significantly to $1,302.9 million as of June 29, 2024, compared to $867.0 million in the previous year, marking an increase of 50.2%[205]. - The company reported a diluted earnings per share of $2.79 for the fiscal year ended June 29, 2024, compared to $2.54 in the previous year, an increase of 9.8%[206]. - Cash increased to $20.0 million as of June 29, 2024, from $12.7 million as of July 1, 2023, indicating a growth of 57.5%[205]. - Cash provided by operating activities reached $1,163.0 million, significantly up from $832.1 million in the prior year[212]. Segment Performance - The Foodservice segment operates 78 distribution centers and serves over 175,000 customer locations, focusing on increasing sales to independent customers who typically generate higher gross profit per case[12][13]. - Vistar, a national distributor, serves over 75,000 customer locations from 27 distribution centers, expanding its reach to various channels including hospitality venues and college bookstores[14][15]. - The Convenience segment serves approximately 50,000 customer locations in the U.S. and Canada, operating 39 distribution centers and offering a full range of products including food, beverages, and health and beauty care products[16]. - Net external sales for the Foodservice segment reached $29,002.4 million for the year ended June 29, 2024, an increase from $28,467.5 million in the previous year[331]. - Foodservice Adjusted EBITDA for the fiscal year ended June 29, 2024, was $1,001.2 million, up from $943.6 million in the previous year, representing a growth of 6.5%[333]. - Vistar Adjusted EBITDA increased to $340.6 million for the fiscal year ended June 29, 2024, compared to $325.3 million in the prior year, reflecting a growth of 4.3%[333]. Regulatory and Compliance - The company’s operations are subject to various regulations, including those from the USDA and FDA, which impose standards for product quality and sanitation[30]. - The company is subject to various federal, state, and local laws, including those related to environmental, health, and safety requirements, which may incur material costs for compliance[34]. - The company’s customer relationships with U.S. federal and state governmental entities subject it to additional regulations applicable to government contractors[32]. Risk Management - The company manages economic risks primarily through the management of its debt funding and the use of derivative financial instruments[280]. - The entire change in the fair value of derivatives designated as cash flow hedges is recorded in other comprehensive income and reclassified into earnings when the hedged transaction occurs[281]. - As of June 29, 2024, Performance Food Group, Inc. had three interest rate swaps with a combined notional amount of $500.0 million[282]. - A hypothetical 100 bps increase in SOFR on variable-rate debt would lead to an increase of approximately $9.2 million in annual interest expense[190]. - The company incurred interest payments of $242.1 million during the fiscal year ended June 29, 2024, compared to $218.5 million in the previous year[215]. Shareholder Equity and Stock Compensation - The total shareholders' equity as of July 1, 2023, was $3,745.5 million, reflecting growth from $3,299.5 million as of July 2, 2022[210]. - Stock-based compensation expense was $37.4 million for the fiscal year ended June 29, 2024, slightly down from $39.2 million in the prior year[212]. - The intrinsic value of exercised options was $4.3 million for fiscal 2024, compared to $3.6 million for fiscal 2023, indicating an increase of approximately 19.4%[319]. - Total unrecognized compensation cost for all awards under the 2015 Incentive Plan is $45.0 million as of June 29, 2024, expected to be recognized over a weighted-average period of 1.7 years[323]. Legal and Contingencies - The Company is engaged in various legal proceedings, but management does not believe that the ultimate resolution will have a material adverse effect on its financial position[308]. - JUUL reached settlements in the multidistrict litigation, with the first settlement payment made on October 27, 2023, which may impact the Company’s future financial obligations[310]. Inventory and Assets - As of June 29, 2024, the Company's inventory balance was $3,314.7 million, with $2,164.4 million valued at FIFO and $1,150.3 million valued at LIFO[226]. - The Company’s inventories were adjusted by approximately $16.5 million for slow-moving, excess, and obsolete inventories as of June 29, 2024[226]. - As of June 29, 2024, total intangible assets with definite lives amounted to $2,322.5 million, with a net value of $945.5 million after accumulated amortization[265]. - The investment in wholly owned subsidiary increased to $4,227.9 million as of June 29, 2024, from $3,826.3 million as of July 1, 2023[336].

Performance Food Group Company (NYSE:PFGC) Q4 2024 Earnings Conference Call August 14, 2024 9:00 AM ET Company Participants Bill Marshall - Vice President, Investor Relations George Holm - Chairman and Chief Executive Officer Patrick Hatcher - Executive Vice President and Chief Financial Officer Conference Call Participants Kelly Bania - BMO Capital Alex Slagle - Jefferies Edward Kelly - Wells Fargo John Heinbockel - Guggenheim Securities Andrew Wolf - CL King Mark Carden - UBS Lauren Silberman - Deutsche B ...

Key Takeaways Performance Food Group acquired Cheney Bros., a foodservice distribution company with a footprint in the Southeast. Cheney Bros. generates about $3.2 billion in annual revenue. PFG also posted fourth-quarter adjusted EPS that exceeded analysts' expectations. Performance Food Group Co. (PFGC) shares surged in intraday trading Wednesday after announcing a $2.1 billion cash acquisition of foodservice distributor Cheney Bros. and posting fourth-quarter adjusted earnings per share (EPS) that topped ...

Performance Food Group USDOT 270150 D Performance Food Group Investor Presentation August 2024 DISCLAIMER PF G / I N V E S T O R P R E S E N T A T I O N 2 | --- ...

Performance Food Group (PFGC) came out with quarterly earnings of $1.45 per share, beating the Zacks Consensus Estimate of $1.35 per share. This compares to earnings of $1.14 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 7.41%. A quarter ago, it was expected that this food distributor would post earnings of $0.83 per share when it actually produced earnings of $0.80, delivering a surprise of -3.61%. Over the last four quart ...

Exhibit 2.1 Execution Version STOCK PURCHASE AGREEMENT dated as of AUGUST 13, 2024 by and among PERFORMANCE FOOD GROUP, INC. PERFORMANCE FOOD GROUP COMPANY, (Solely for purposes of Article 12) CHENEY BROS., INC. SHARES TRUST, JOSEPH N. CHENEY TRUST, JUNE CLAIRE CHENEY RUSSELL TRUST, CD&R CHIP HOLDINGS, L.P., CHENEY BROS., INC. and MICHAEL SULLIVAN, AS SELLERS' REPRESENTATIVE TABLE OF CONTENTS Page ARTICLE 1 Definitions Section 1.01 Definitions 2 Section 1.02 Other Definitional and Interpretative Provisions ...

The market expects Performance Food Group (PFGC) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The earnings report, which is expected to be released on August 14, 2024, might help the stock move higher if these key n ...

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ___________ Commission File Number 001-37578 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 30, 2024 Performance Food Group Company (Exact name of registrant as specified in its charter) Delaware 43-1983182 (State ...