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Performance Food Group Company (PFGC-3.17%) has submitted its 10-Q filing for the quarterly period ended December 28, 2024.
The filing reports net sales of $15.6 billion for the quarter, an increase from $14.3 billion in the same quarter the previous year. This growth was attributed to recent acquisitions and an increase in case volume and selling prices.
Gross profit for the quarter was $1.8 billion, up from $1.6 billion in the previous year, driven by procurement efficiencies and a favorable sales mix.
Operating expenses rose to $1.7 billion from $1.4 billion, primarily due to acquisitions and increased personnel expenses.
Net income decreased to $42.4 million from $78.3 million, impacted by higher interest expenses and operating costs.
The company reported an effective tax rate of 25.2% for the quarter, down from 29.9% in the previous year.
Segment-wise, Foodservice sales increased by 18.2%, Vistar by 2.7%, and Convenience by 0.4%. Adjusted EBITDA for Foodservice rose by 29.4%, while Vistar remained stable and Convenience increased by 28.5%.
Performance Food Group completed the acquisition of Cheney Bros., Inc. for $2.0 billion, contributing significantly to the financial results.
The company’s ABL Facility was amended to increase total revolving commitments to $5.0 billion, with a maturity date extended to September 9, 2029.
Performance Food Group issued $1.0 billion in Senior Notes due 2032 to finance the Cheney Brothers acquisition and other expenses.
Cash provided by operating activities was $379.0 million, while cash used in investing activities was $2,736.7 million, primarily due to acquisitions.
The company repurchased 0.4 million shares of common stock for $33.6 million during the six months ended December 28, 2024, with $177.0 million remaining under the current repurchase program.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Performance Food Group Company quarterly 10-Q report dated February 5, 2025. To report an error, please email earnings@qz.com.