PERFORMANCE FOOD Reports Strong Earnings for First Quarter of FY2024

☀️Earnings Overview

On September 30, 2023, PERFORMANCE FOOD ($NYSE:PFGC) revealed its earnings results for the opening quarter of FY2024. Revenue for the quarter was USD 14938.6 million, showing a 1.5% hike compared to the year prior. Net income for the period was USD 120.7 million, a 26.1% surge from the same quarter in the preceding year.

Market Price

On Wednesday, PERFORMANCE FOOD reported strong earnings for the first quarter of FY2024. The company’s stock opened at $60.5 and closed at $60.0, down by 0.8% from its last closing price of 60.5. Despite the slight decrease in the stock price, PERFORMANCE FOOD reported significant growth in its profits for the quarter. The company attributed its financial success to its focus on product innovation. During the quarter, PERFORMANCE FOOD introduced several new products that resonated well with customers.

The company also strengthened its digital presence, which further improved customer convenience and led to an increase in sales. Overall, the first quarter was a success for PERFORMANCE FOOD and provided good momentum for the future. The company is confident that its current strategies will continue to bring positive financial results in the coming months. Live Quote…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Performance Food. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Performance Food. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Performance Food. More…

Key Ratios Snapshot

Some of the financial key ratios for Performance Food are shown below. More…

Analysis

GoodWhale performed an analysis of PERFORMANCE FOOD‘s fundamentals. We used our proprietary Star Chart to evaluate the company and found that PERFORMANCE FOOD scored a strong 8/10 in terms of its cashflows and debt, indicating it is capable of safely navigating any crisis without the risk of bankruptcy. Based on our findings, we classified PERFORMANCE FOOD as a ‘cheetah’ company, which achieved high revenue or earnings growth but has lower stability due to lower profitability. Investors who are interested in this type of company may find PERFORMANCE FOOD attractive. In terms of its strengths, the company has strong growth and good assets. However, it is weaker in terms of profitability and dividends. Nonetheless, it is still a good option for investors looking for short-term growth opportunities. More…

Peers

The company operates through three segments: Performance Foodservice, PFG Customized, and Vistar. Performance Foodservice segment offers food and non-food products to independent restaurants, quick-service restaurants, caterers, and national restaurant chains. PFG Customized segment provides food and non-food products to customers who desire a customized distribution solution. Vistar segment supplies non-food products, equipment, and solutions to customers in the vending, office coffee service, theatre, and foodservice management industries.

– US Foods Holding Corp ($NYSE:USFD)

With a market capitalization of $6.66 billion as of 2022, US Foods Holding Corp is a publicly traded foodservice distributor. The company operates a network of nearly 300 distribution centers across the United States, serving more than 250,000 customers. US Foods Holding Corp also offers a variety of foodservice solutions, including custom-cut meat, seafood, and poultry; branded and private label products; and kitchen supplies and equipment. The company’s return on equity was 6.98% as of 2022.

– Sysco Corp ($NYSE:SYY)

Sysco is the global leader in selling, marketing and distributing food products to restaurants, healthcare and educational facilities, lodging establishments and other customers who prepare meals away from home. Its family of brands includesSysco, Brakes, FreshPoint and EFS. The company operates approximately 330 distribution facilities worldwide and serves more than 625,000 customer locations.

– Sligro Food Group NV ($LTS:0MKM)

Sligro Food Group is a Dutch food retailer and wholesaler. The company has a market cap of 662.56M as of 2022 and a return on equity of 8.07%. The company operates a chain of supermarkets and hypermarkets under the brand name “Sligro”.

Summary

Investors in PERFORMANCE FOOD can be encouraged by the company’s financials for the first quarter of FY2024. Total revenue increased by 1.5% compared to the same period last year, while net income jumped 26.1%. This signals that PERFORMANCE FOOD is well-positioned to continue generating strong returns and grow its share price. Given this financial performance, potential investors should look further into this company in order to get a better understanding of how they could benefit from investing in the company.