RICHMOND, Va.--(BUSINESS WIRE)--Sep 13, 2022--
Performance Food Group Company (PFG) (NYSE: PFGC) management will participate in investor meetings over the next two weeks. Ahead of those meetings, PFG is reaffirming the financial outlook disclosed in its 4Q22 earnings report.
Fiscal 2023 Outlook
For the fiscal first quarter of 2023, PFG continues to expect net sales to be in a range of $14.2 billion to $14.5 billion and Adjusted EBITDA to be in a range of $280 million to $300 million.
For the fiscal second quarter of 2023, PFG continues to expect net sales to be in a range of $13.5 billion to $13.8 billion and Adjusted EBITDA to be in a range of $245 million to $265 million.
For the full fiscal year 2023, PFG continues to expect net sales to be in a range of $56 billion to $58 billion and Adjusted EBITDA to be in a range of $1.15 billion to $1.25 billion.
PFG’s Adjusted EBITDA outlook excludes the impact of certain income and expense items that management believes are not part of underlying operations. These items may include, but are not limited to, loss on early extinguishment of debt, restructuring charges, certain tax items, and charges associated with non-recurring professional and legal fees associated with acquisitions. PFG’s management cannot estimate on a forward-looking basis the impact of these income and expense items on its reported net income, which could be significant, are difficult to predict and may be highly variable. As a result, PFG does not provide a reconciliation to the closest corresponding GAAP financial measure for its Adjusted EBITDA outlook. Please see the “Forward-Looking Statements” section of this release for a discussion of certain risks to PFG’s outlook.
About Performance Food Group Company
Performance Food Group is an industry leader and one of the largest food and foodservice distribution companies in North America with more than 150 locations in the U.S. and parts of Canada. Founded and headquartered in Richmond, Virginia, PFG and our family of companies market and deliver quality food and related products to over 300,000 locations including independent and chain restaurants; businesses, schools and healthcare facilities; vending and office coffee service distributors; and big box retailers, theaters and convenience stores. PFG’s success as a Fortune 200 company is achieved through our more than 35,000 dedicated associates committed to building strong relationships with the valued customers, suppliers and communities we serve. To learn more about PFG, visit pfgc.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources,integration of our acquisition of Core-Mark and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words.
Such forward-looking statements are subject to various risks and uncertainties. The following factors, in addition to those discussed under the section entitled Item 1A. Risk Factors in PFG’s Annual Report on Form 10-K for the fiscal year ended July 2, 2022 filed with the Securities and Exchange Commission (the “SEC”) on August 19, 2022, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov, could cause actual future results to differ materially from those expressed in any forward-looking statements:
Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. Any forward-looking statement, including any contained herein, speaks only as of the time of this release or as of the date they were made and we do not undertake to update or revise them as more information becomes available or to disclose any facts, events, or circumstances after the date of this release or our statement, as applicable, that may affect the accuracy of any forward-looking statement, except as required by law.
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CONTACT: Investors:
Bill Marshall
VP, Investor Relations
804-287-8108
Bill.Marshall@pfgc.comMedia:
Scott Golden
Director, Communications & Engagement
804-484-7873
Scott.Golden@pfgc.com
KEYWORD: VIRGINIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: SUPPLY CHAIN MANAGEMENT RETAIL RESTAURANT/BAR TRANSPORT LOGISTICS/SUPPLY CHAIN MANAGEMENT FOOD/BEVERAGE
SOURCE: Performance Food Group Company
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PUB: 09/13/2022 07:00 AM/DISC: 09/13/2022 07:03 AM
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