Performance Food Group delivers strong fourth-quarter sales, independent case volume growth

Aug. 24, 2021

Performance Food Group Co. (NYSE: PFGC), parent of vend product distributor Vistar, on Aug. 19 announced its fourth-quarter and full-year fiscal 2021 business results.

“We made consistent progress in fiscal 2021 despite the difficult operating environment,” said PFG chairman, president and chief executive George Holm. “In addition to the strong operating results to close out the fiscal year, we made significant headway integrating Reinhart and announced the intention to acquire Core-Mark, creating one of the largest food and convenience store delivery companies in the U.S."

Fourth-quarter highlights

  • Total case volume grew 55.8%; up 44.7% after adjusting for the extra week.
  • Net sales increased 61.1% to $9.3 billion; up 49.6% after adjusting for the extra week.
  • Gross profit increased 66.8% to $1.1 billion; up 54.9% after adjusting for the extra week.
  • Net income of $31.4 million, compared with net loss of $151.2 million for the prior year period.
  • Adjusted EBITDA increased to $210.9 million2; $195.9 million after adjusting for the extra week.
  • Diluted Earnings Per Share (“EPS”) of $0.23, compared with diluted loss per share of $1.19 for the prior year period.
  • Adjusted diluted EPS of $0.562, compared with adjusted diluted loss per share of $0.862 for the prior year period.

Full-year 2021 highlights

  • Total case volume grew 15.4%; up 13.0% after adjusting for the extra week.
  • Net sales increased 21.2% to $30.4 billion; up 18.5% after adjusting for the extra week.
  • Gross profit improved 22.9% to $3.5 billion; up 20.2% after adjusting for the extra week.
  • Net income of $40.7 million, compared with a net loss of $114.1 million for the prior year.
  • Adjusted EBITDA increased 54.2% to $625.3 million; up 50.5% after adjusting for the extra week.
  • Diluted EPS per share of $0.30, compared with diluted loss per share of $1.01 for the prior year.
  • Adjusted diluted EPS increased 92.9% to $1.352.

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