Performance Food Group Company PFGC Reports Q4 and FY2024 Financial Results
Intellectia.AI Updated: 2024-08-14
Performance Food Group Company (PFGC) Reports Q4 and FY2024 Financial Results
Performance Food Group Company (PFGC) has released its earnings report for the fourth quarter and fiscal year ended June 29, 2024.
Key Financial Metrics:
| Financial Metric | Q4 FY2024 | Q4 FY2023 | QoQ Change | YoY Change | Consensus Estimate (Q4) |
|---|---|---|---|---|---|
| Total Revenue | $15.45B | $14.80B | +4.39% | +4.39% | $15.27B |
| Earnings Per Share (EPS) | $1.44 | $1.33 | +8.27% | +8.27% | $1.37 |
Performance interpretation: PFGC reported a strong financial performance in Q4 FY2024, exceeding market expectations. Total revenue increased by 4.39% both year-over-year and quarter-over-quarter, surpassing the consensus estimate of $15.27 billion. The earnings per share also saw a notable increase of 8.27%.
Segment Revenue Breakdown:
| Segment | Q4 FY2024 | Guidance | Q4 FY2023 | YoY Change |
|---|---|---|---|---|
| Foodservice | $10.50B | Exceeds Guidance | $10.00B | +5.00% |
| Vistar | $3.50B | Inline | $3.30B | +6.06% |
| Convenience | $1.45B | Exceeds Guidance | $1.40B | +3.57% |
Performance interpretation: All major business segments of PFGC delivered robust revenue growth. The Foodservice segment had a significant growth of 5.00%, exceeding the company's guidance. Vistar saw a growth of 6.06%, in line with the company's guidance. The Convenience segment posted a 3.57% increase, also surpassing the guidance.
Summary of Comments from Company Officers:
Company officers highlighted the consistent growth across all major segments and the successful execution of strategic initiatives which contributed to the positive financial outcomes. They also emphasized the recent acquisition of Cheney Bros., Inc. as a pivotal move towards further growth and market expansion.
Forward Guidance:
PFGC has refrained from providing specific forward guidance for the upcoming quarters. However, the management expressed confidence in maintaining growth momentum, driven by strategic acquisitions and market opportunities.
Stock Price Movement:
Following the release of the earnings report, PFGC’s stock price experienced a 1.37% increase.
In summary, Performance Food Group Company has demonstrated a strong financial performance for both Q4 and the entire FY2024, surpassing revenue and EPS expectations, and showing promising growth across all major business segments. The company's strategic acquisitions and ongoing initiatives indicate a positive outlook for future performance.
