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Performance Food 2Q Net Up on Higher Sales

Published: Feb. 7, 2024 at 7:22 a.m. ET

By Rob Curran

Performance Food Group’s fiscal second-quarter net income rose as processed-food sales volumes and convenience-store supply prices increased.

The Richmond, Va. distributor of snacks and perishable foods posted earnings of $78.3 million, or 50 cents a share, for the three months ended in December, up from $71.1 million, or 46…

By Rob Curran

Performance Food Group’s fiscal second-quarter net income rose as processed-food sales volumes and convenience-store supply prices increased.

The Richmond, Va. distributor of snacks and perishable foods posted earnings of $78.3 million, or 50 cents a share, for the three months ended in December, up from $71.1 million, or 46 cents a share, a year earlier.

Stripping out certain one-time items, adjusted per-share earnings came to 90 cents a share, just shy of the average analyst target of 92 cents a share.

Second-quarter sales rose 2.9% to $14.3 billion, compared with the average Wall Street estimate of $14.2 billion, as per FactSet. Growth was a result of a higher volume of cases sold, the company said.

The largest unit, food-service, saw second-quarter sales rise 2.6% to $7.1 billion. Sales at the Convenience unit, which supplies convenience stores, saw an increase of 1.3% to $5.9 billion, reflecting higher food prices and a cigarette price increase.

Performance Food forecast fiscal third-quarter sales in a range between $14 billion and $14.3 billion, and adjusted earnings before interest, taxes, depreciation and amortization of $310 million and $330 million.

Performance Food reiterated its growth projections for the year ending in June, as it continues to target sales of $59 billion to $60 billion. Performance Food also backed its target for adjusted EBITDA of between $1.45 billion and $1.5 billion for the year.

Write to Rob Curran at rob.curran@wsj.com

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